Durban's Sibaya precinct outsells Sandton and Cape Town's Atlantic Seaboard
Durban - The Sibaya Coastal Precinct, north of the city has seen investors flock, raking R3.2 billion in sales over the past 18 months and emerging as the country’s fastest selling residential node - outperforming areas such as Sandton in Johannesburg and the Atlantic Seaboard in Cape Town.
According to the developers, those who have already invested in earlier developments within the precinct, namely in node 1, have already seen as much as 30% capital appreciation from securing a unit to subsequent transfer.
The market demand within the Sibaya Coastal Precinct is however changing and entering a new phase; as node 1 developments were configured around the investor market, node 5 is now answering the demands of a primary residential market.
“On completion, Sibaya Coastal Precinct will have approximately 12, 000 residential dwellings across freestanding homes, apartments, penthouses and retirement units. Node 1 of the precinct attracted predominantly investment buyers, while node 5, where The Saxony Sibaya is situated, has been configured around a primary residential market, where space and liveability is the key consideration,” said Rajan Naidoo, Chief Executive of Saxony Developments.
“Although geared around the primary residential market, The Saxony Sibaya still attracts those with an investment appetite. Comparably, our 2-bedroom apartments are 128m² – 143m² in size, at starting from R30 078 per m², whereas a typical investment development in node 1 for a 2-bedroom apartment is 83m² – 120m² in size and starts from R31 200 per m². The Saxony Sibaya presents an investment opportunity for residential purchasers," Naidoo said.
The Sibaya Coastal Precinct has already seen 299 transfers within the period of July 2017 to June 2018, compared to popular areas such as Umhlanga, who saw 272 sales, and Umdloti, that saw 111 sales.