ALI MPHAKI
SOWETO’S first cluster homes are selling like hot cakes, property developer Renico said yesterday.
The building of Protea Glen Estate in Extension 11 is almost complete. “Very little work remains to be done and all the units will be ready for occupation come the end of this month,” said Johan Louw, the marketing agent for Renico in Soweto.
The project started in February and is the first such sectional title residential area in Soweto. The estate boasts 91 free-standing units with a boundary wall with an automated gate and intercom.
Buyers have a choice of two-bedroom or three-bedroom units, which are going for R300 000 and R395 000 respectively.
The units come complete with stove, built-in kitchen cupboards, and wardrobes in the main bedroom. There are burglar bars, and developers hope to have fully grassed playgrounds within the complex by October 1. Steel carports are available for residents with cars. No pets will be allowed.
Louw said all the units were for sale and none of the units would be for rental.
He said Renico was negotiating for a piece of land opposite the estate where they hoped to build more units.
“We focus on the building of sectional title complexes, our target market being the first-time homeowner or the investor looking for value for money and a solid investment,” he said.
“Almost all the 91 units have been sold.”
Demand for residential property is high in Soweto, especially in the Protea Glen area, although there is very little stock available at present, according to estate agents.
The chief executive of Pulemo Property, Pule Mokhobo, said the mortgage default rate was high in the area and that access to finance was a problem as banks were reluctant to lend in Sowetans.
Home seeker Dominique Malinga, 44, of Chiawelo, said he was disappointed that Protea Glen Estate was only for those who could afford to buy.
“Some of us do not qualify for bank loans and we thought that with this development we would be able to get a chance to obtain a roof over our heads. Perhaps some buyers will rent out their properties to people like us,” said Malinga, a married father-of-four at present renting a back room in Protea Glen.