Leloko Eco-Estate plots selling well
When it comes to waterfront living, people don’t mind paying an arm and a leg for properties, which is why selling plots at Leloko Eco-Estate in Hartebeespoort Dam is a piece of cake.
Properties with access to water experience more rapid growth due to limited availability and they offer great benefits to the residents. Leloko in Hartebeespoort Dam is the only eco-estate with water frontage, which it also owns. Price is not an option, it is merely a question of who wants it most. If two buyers want the same waterfront property, only one thing determines the price, the one who can put the best offer on the table, determined by his desire to own the property.
Ian Meyer, founding member and Managing Director of project management company Project Law, whose property arm Project Prop is developing the R3bn Leloko Eco-Estate says the prices of these property cannot be capped, whereas with a normal residential property the price is set by valuation and comparison of prices paid for similar properties in a 5km radius. He also feels that the best investment is always the one where the price cannot be capped.
In most other developments, the waterfront is owned by government or in rare cases, individuals whose properties just happen to stretch into the water. Leloko is the only eco-estate with a waterfront that it owns, making the properties very high in demand. Leloko will have picnic and braai facilities, swimming pool, a clubhouse, tennis courts and jetties and 30% of the developed area is to remain protected greenbelt with hiking, walking and jogging trails and a beautiful variety of wildlife and birds.
It was decided that Leloko will be sold in five phases, with the first phase having to be sold out before moving onto the second and third, but when phase one was released, some buyers insisted on reserving plots which will only be sold in phase five, even though they were more expensive. This resulted in 25% of phase five being reserved before they were released.
Average prices for waterfront plots (phase five) are R1.166-million, ranging from R700k to R1.8m. Buyers have the option of immediately signing a plot and plan package or a window of 12 months after taking transfer of the stand to sign a building package. There is a very great demand for properties close to water, making Leloko Eco-Estate one of the fastest-selling developments around.
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