Monday, 1 April 2013

Affordable homes launched in Polokwane

Two new housing developments in the affordable sector in Polokwane are being launched this month (subs March 2013).

The developments will bring almost 300 new units to market and will go some way towards relieving supply pressures in the sector, says Anton Hanekom, owner of the local Aida franchise, which holds the marketing mandates for the developments.

Hanekom expects brisk demand for the 104 stands in the new Mahlasedi Park development as well as the 179 new units in the third phase of the established Rethabile Gardens situated between the city and the Seshego area. Transfer of 98 units in the first phase of this development has been completed and 80% of units in the second phase have been sold.

Building packages with prices ranging from R400 000 to R600 000 are on offer for stands of about 300sqm and compact homes from about 40sqm in the two new developments

Hanekom says homes in this price range are popular among upwardly mobile civil servants. "Many have found stable employment in State departments since Polokwane became the seat of the Limpopo provincial government. For many buyers this is their first foray into the formal housing market and we are also seeing demand from buyers coming from areas such as Lebowakgomo and Venda who have found formal employment in the city."

At the same time, units in the Mahlako-A-Phahla Gardens development launched last year are selling well, with 83% of the 171 units sold.

"We view the vibrant uptake of properties in this sector as a healthy development in the local market, since the strong contingent of entrants holds the promise that they will build equity in their homes and later upgrade, which will stimulate demand in middle and top sectors of the market that have taken a bit of a back-seat recently due to the stringent requirements for obtaining bonds," Hanekom says.

Indeed, demand for slightly more upmarket properties is already becoming evident and to cater for this sector a new development in the popular Bendor area is in the planning stages, he says. Bushveld Views will offer 280 stands of about 600sqm each at very competitive prices. Buyers may either elect to build their own homes or may arrange building packages with the developers. The development is situated near the highly successful Mall of the North, and will be officially launched towards the middle of the year.

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