DURBAN - Phase 1 of Ballito Groves which was launched last year December 2018 has now sold out.
With a starting price of R680 000, Ballito Groves has sold 210 units in only 4 weeks. This performance equates to a staggering R200 million worth of sales and an average rate of sale of 6 units per day.
Current Sectional Title transfers for Ballito show a total of 180 sales for the period January-December 2018; an average of 15 sales a month.
Developed by International Housing Solutions (IHS), in conjunction with Avoca Developments, Ballito Groves is located within central Ballito with Phase 1 units priced from R680 000. Due to exceptional demand, Phase 2 has now launched at R785 000.
Compelled by the market demand for investment opportunities and homes under R1 million, the development of Ballito Groves is set to change the residential market in Ballito and ignite further development of competitively-priced residential products of similar stature.
"There is an irrefutable need and want for homes under the R1 million mark, and especially so in growth areas located nearby to schools, retail opportunities, offices and commercial centres, like Ballito. Ballito Groves is ideally-placed and ticks all the boxes for the sector of the market which wants to invest at this price point," explained Rob Wesselo, Managing Director of IHS South Africa.
Market research has shown that Ballito Groves will give both end-user buyers and investors the opportunity to own an appreciating asset. Given its central location and estate features, Ballito Groves is designed to attract those looking to purchase a home in a high-growth area like Ballito, and investors looking to earn solid rental returns. Current rental returns projections show that a unit at Ballito Groves will potentially generate a 9-10% rental yield after bond repayments, levies and rates.
Wesselo continues, “Ballito has been identified as a growth area, which is rapidly making a huge impact on the real estate sector in KwaZulu-Natal, and South Africa. Ballito is unfolding to become a modern, integrated suburb offering residents quick and easy access to surrounding amenities such as schools, shopping centres and hospitals.
Part of what differentiates Ballito Groves from its competitors is that the deposit required for purchase is not linked to the value of the unit purchased. This factor presents an attractive investment to several segments of the market, investors and end-users alike.
Ballito Groves has taken cues from larger more affluent surrounding estates to offer facilities geared around modern life and family. Residents are ensured of utmost estate safety manifested through the likes of a manned gatehouse and control room, biometric access and the other attendant features such as electrified perimeter fencing.
"Although Ballito Groves is competitively-priced, we have been mindful of the fact that purchasers not only want security but also a sense of homeliness and community. We have configured the estate to include communal spaces and opportunities for families and neighbours to come together; we have also included much-needed but often overlooked convenience add-ons such as an onsite self-service laundromat." said Chris Horn, Director of Avoca Developments.
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