According to research conducted by Lightstone Property, there has been an increase in purchasing activity in the estate market, especially in the Western Cape, due to the security and lifestyle benefits it offers.
According to the data, about ZAR15 billion worth of estate properties are traded about every quarter. Due to the steady increase in demand, Somerset Lakes, an adventure lifestyle estate has launched its fourth phase, Kingfisher Terrace.
According to Jan Minnie, Somerset Lakes Sales Director, the popularity of lifestyle estate living is on the rise in the country as South African home buyers are attracted to residential developments that offer both security and lifestyle amenities, such as leisure and sporting activities.
“Lifestyle and security estates also offer buyers a sound investment opportunity that is likely to grow in value over time.”
He says that due to the rising demand for property in the Somerset West area, residential space has become very limited and thus extremely sought-after.
“The exclusive Somerset Lakes is situated in one of the last remaining sections of a residential zone in close proximity to the Hottentots Holland mountain range, the coastal region as well as the one of the Western Cape’s finest winelands. The estate conveniently affords residents the opportunity to experience an array of outdoor activities, including fishing, canoeing on the estate’s 6 ha lake.”
A community clubhouse on the shores of the lake, will enhance the appeal of these recreational activities, and provide residents with play areas, boat sheds, a beach, swimming pool and deck area with views of False Bay and the mountain range.
Minnie says that the properties in the new phases of the Somerset Lakes estate will also meet the growing demand from families in the area who are increasingly looking to live in close proximity to quality schools.
“The prestigious on-site Reddam House Somerset and Curro Castle will provide top quality education for children between the ages of one and 18.”
The 42 hectare estate boasts four other unique residential nodes including Heron’s Rest, Waterford Green and Brookdale – all of which were completely sold out in a few months. The third phase, The Lakes is 50% sold out.
The most recent phase, Kingfisher Terrace, is a collection of modern two or three-bedroom sectional title garden cottages, located close to the banks of the pristine lake. It features 51 luxury townhouses, ranging from 143sqm – 175sqm. Minnie says that due to increasing demand in the area, 30% of the houses in this phase have been sold pre-launch.
He says that each townhouse offers a contemporary and spacious feel with well-lit interiors, unspoiled views of the mountains, private garden areas, security and secure parking. Furthermore, all homes have access to the estate’s fibre-optic cable which offers high-speed Internet and Voice over IP (VOIP) communications.
“With a starting price of only ZAR1.62 million, Kingfisher Terrace offers buyers the chance to own a piece of pristine property at very competitive price compared to other estate properties in the area. There is a high demand for rental properties too, and investors can expect gross rentals of between ZAR11 500 and ZAR15 000 per month for these properties.”