R80 million worth of property sold at The Majestic

Ed Kok, Knight Frank Residential SA’s agent at the Majestic Village in Kalk Bay, has just reached the R80 million sales mark in this development, and he reports that the attractiveness and reputation of this project have made it a popular choice for both overseas and South African buyers..

Although the Atlantic Seaboard has held the general appeal for foreign visitors or those from Johannesburg, it is evident from the sales figures, that False Bay is also gaining popularity as a coastal destination.

This secure development, situated in the heart of Kalk Bay, developed by Argyle Developments in 2006, is an upmarket and secure residential complex with 73 units.

Over the past four years, she said, Ed Kok has been involved in resales here (after initially selling some of the new units) and has sold 17 units in this development with a value of R84 million.

In 2009, with the market downturn, eighteen units remained unsold, and the last of these sold in March 2013. Knight Frank sold more than one-third of these new units, and has finalised 80% of resales since then.

Five homes have been re-sold in the Majestic this summer, and right now, there is only one unit for sale: a beautiful three bedroom Millhouse unit, on three levels with a small garden, on the market at R5 850 000.

All the residents at the Majestic have the use of a communal pool and gymnasium, and commercial buildings owned by the developer house the Majestic Health Spa, Annexe Restaurant, Kalk Bay Bookshop, the intriguing Kalk Bay Delicatessen, as well as the eclectic Kalk Bay Studio and Kalk Bay Tearoom, said Kok.

Beyond all of this is a choice of nearly 30 popular restaurants and breakfast/coffee spots, all within a few hundred metres of the Majestic, plus a host of clothing antique and bric-a-brac shops, the Kalk Bay Theatre, and of course, the harbour. The coastline offers some of the most beautiful walks in the Peninsula, and tidal pools in seas warmer than the Atlantic seaboard are very popular, he said.

The complex was developed around the Majestic and New Kings hotels, built in the early 1900’s but which fell into rack and ruin 90 years later. Today, these two buildings have been beautifully restored, incorporating 30 unique apartments ranging from studio size to five bedrooms, and a further 43 units have been constructed in eight architectural themes which merge very well into Kalk Bay, and give the complex that unique “village” feel.

CMA Info Reports’ sales figures show that only 37 residential properties were sold in Kalk Bay since 2009, the majority of which were Majestic sales. Because of the high quality finishes and attention to detail found in the complex, prices achieved are higher than those of surrounding residential properties. The average price per m² is R25 290, with the highest price being achieved to date at R38 500 per m² and the lowest prices around R16 700 per m².

“Where resale prices did not achieve real returns in the past few years, in the latter half of 2013 and early 2014 sellers have achieved gains of between 28% and 43%, which when annualised and compared with inflation, have reflected real growth,” said Kok. “Sea facing units are achieving the best prices and in the past six months, two such units were sold in less than two weeks of being marketed to our database of buyers.”

Permanent residents and long term tenants enjoy the security which the Majestic has to offer, coupled with Kalk Bay’s unique lifestyle. Families with children who school in Westlake and Tokai are prepared to undergo the commute in order to bring their children up in a small-town environment. A number of units at the Majestic are also being used for holiday short-lets.

“Up to now, occupational levels have been very seasonal,” said Kok, “but as the ‘French Riviera’ of Africa is being discovered, these are also beginning to improve. the Majestic Village is certainly a successful property development with good investment prospects for the future.”

 

Article By: www.knightfrank.co.za/

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