Celebrating its centenary this year, Pinelands was the first Garden City established in South Africa in 1922. Known for its large trees, its open green spaces and its close proximity to the University of Cape Town, the V&A Waterfront, Groote Schuur Hospital, Cape Town International airport and beaches; it is colloquially known as the 10 Minute Suburb.
You will find peace, tranquillity and small-village living at its essence. This makes it a popular suburb for both investors and those looking for a quiet space to settle down.
There are three junior schools, a private school and Pinelands High School. The area boasts an authentic Italian restaurant that has stood the test of time, an eco-village, an indoor family fun park, a bowls club, cricket club, soccer club and a shopping mall.
This Rabie Development, aptly named PineworX, is situated on the corner of Lonsdale and Rose Innes way. The 94 residential units will comprise of studios, one and two bedroomed apartments on four levels. The building will offer perimeter and common space CCTV cameras; an access-controlled lobby and secure parking area; fibre-to-the-home in every apartment; and smart electricity and water meters. Each unit will be fitted with modern finishes including Smeg appliances and engineered stone kitchen tops. The developments anticipated completion date will be June/ July 2023.
Pricing of the studios currently start at R845 000, one bedrooms from R1 195 000 and two bedrooms from R1 695 000, with penthouses starting at R1 925 000. Transfer duty is included on all sale prices.
With a considerable demand for student accommodation in the Southern Suburbs, as well as housing for young professionals and those scaling down, there should be no shortage of tenant applications with a projected rental return of around 6-7% in the first year. Committing to a 10% deposit may result in your rental income covering your bond repayments, at the current interest rate.
Pinelands, despite the past two years of economic uncertainty, has always been a sought-after suburb and has never failed to provide a reasonable return on investment.
Seeff Pinelands will be moving their offices to the new development once completed and will be on site to assist with the rentals and re-sales within the block.
With almost 50% of the development sold this is an opportunity not to be missed.
For more information visit www.pineworx.capetown or call our agents to reserve your unit. Julie 083 288 8481 firstname.lastname@example.org or Kathy 083 987 7673 email@example.com or the office on 021 5317507.