KZN development, The Woods sells out in 16 weeks
DURBAN – KwaZulu-Natal development The Woods located in Waterfall has sold out in only 16 weeks.
This success is evidence that there is a very real and ever-growing market sector asking for secure sectional title homes and an estate lifestyle priced below the R1 million mark.
Just neighbouring Hillcrest, Waterfall is undergoing a massive growth phase and developers, the Rowles Group, have been quick to identify and plug this gap in the market. Their proactive attitude and the market’s reaction have resulted in a never before seen sales performance for a development of this kind in the area.
David Rowles, Developer of The Woods said, "This sector of the market has a lot of power, and this is demonstrated in the positive uptake at The Woods. It is not a case of people not wanting buy property, it is more about those who want to buy were not compelled by anything was on offer; we are changing that perception by offering buyers the opportunity to own property within a secure environment at a lower price point, and consequently more manageable financial commitment".
"With over a thousand home transfers in the area in just the last 5 years, it is clear to see that sectional title homes are in greatest demand. Out of all sales, sectional title homes have outsold other home types by 48 percent," added Rowles.
The Woods is competitively priced from R 729 000 with 1, 2 and 3-bedroom apartments and townhouses on offer and a range of much-needed and clever family facilities within. Only adding to its appeal, the developers have out a lot of forethought into the development with intelligent almost-future proof additions like smart meters in each unit, water-saving systems in every home and also day-night lighting in all common areas ultimately meaning less cost for the owner in the long run.
Property investors have also been compelled by what’s on offer at The Woods. With only R5000 deposit required and the opportunity to pocket whatever capital appreciation is earned between launch and transfer, the earning potential of The Woods is strong. The Woods also offers investors a rental yield from 8.6 percent in year 1. The positioning of The Woods also puts investors, looking to earn a rental return, at an advantage due location, accessibility and proximity to many modern conveniences.
The Woods was launched in July and it set a ground-breaking sales record of 50 properties sold in only 50 days.
The value of The Woods is approximately R186 million for Phase 1 and R130 million for Phase 2. Construction on the development started in September in 2019 and the completion of the first phase is expected to be completed by December 2021.
BUSINESS REPORT ONLINE