KZN development launches final phase to meet demand for centrally placed modern homes
DURBAN – Demand for centrally placed modern homes has led to KwaZulu-Natal development Ballito Groves launching their third and final phase.
Developed by International Housing Solutions (IHS), in conjunction with Avoca Developments, Ballito Groves was launched in December 2018 and all 114 Phase 1 units sold out in less than 4 weeks from launch.
Having benefited from the overwhelming market reaction and a sustained demand for property at Ballito Groves, the launch of Phase 2 was met with great reaction resulting in all 126 opportunities within the phase selling out in only 5 weeks from release.
Chris Horn, Director of Avoca Developments said, "We did not embark on this journey blindly; we partnered with IHS, whose key focus is developing accessible and viable housing investments with easy access to schools, shops and work opportunities. Ballito is the ideal location as it is a key growth area which is attracting families due to the centrality of amenities and proximity of schools, malls and other desirable things and the sales uptake of Ballito Groves speaks for itself".
The sales performance of Ballito Groves has set a new precedent for new sectional title developments of this kind in the area. At its launch, a staggering R200 million worth of sales was achieved in under a month which translates into an average rate of sale of 6 units per day. In comparison, the current Sectional Title transfers for the area reveal a total of 180 sales for the same period overall, translating into an average of 15 sales per month.
This exceptional uptake yielded positive results not only for stakeholders but also homeowners by enabling construction to be intensified, and the timeline shortened. Due to this, the expected construction has now jumped ahead of schedule with the entire development due for completion in July 2020.
Horn added, "We are able to take a new off-plan development from conception to completion, with all three completed phases which includes 306 units, in only 18 months- that is phenomenal".
Adding to the appeal of Ballito Groves, the huge sales uptake has also allowed the developers to slash the asking deposit by half to only R5000. What is even more appealing is that the deposit is not linked the footprint of a unit but instead is the same across the board irrelevant of the size of the unit purchased.
Transfer duties are also included in the unit purchase price taking away the threat, especially for first time buyers, of nasty hidden costs that come with buying property.
Being located in Ballito lends itself to a huge host of benefits for Ballito Groves homeowners. With an overwhelming seasonal demand for shirt-term letting on KZN’s coast, Ballito Groves is poised to earn owners money.