Diep Rivier’s Urban Spin creates a stir
A new project on Main Road, Diep Rivier, called Urban Spin, is creating a stir with all its units sold out within months.
The new residential units in Diep Rivier, Cape Town, will have its first units available in July/August this year. Urban Spin will consist of 90 sectional title units in three storey blocks, enclosing a central courtyard with gardens, basement parking, 24 hour security within electrified fencing, a gymnasium, pool, internet café and a launderette.
Richard Edwards, Manager, New Business, Nedbank Corporate Property Finance (Cape) says that the scarcity of land for property development at the Cape is making it necessary for developers to devote their time to looking for and pre-planning proposed projects and this will lead to an increased number of brown fields developments.
Stag Developments’ new Urban Spin project is bounded on one side by Alnwick Road and on the other side by the river green belt. Nedbank is financing the development.
The sites are very conveniently located which led to the units being sold out very quickly. Units are sold for between R585 000 and R890 000. Smaller units have one bedroom and the larger units have two.
The pricing equates to between R9 000 and R12 900 per square metre and Edwards feels that this is exceptional value for money. John Schooling, CEO of Stag Developments said that he expects values to have increased by over 25% when handover begins.
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