Residential property, Cape Town : 50% of Little Moorings apartments snapped up

residential property in century city

View towards Table Mountain from the 3rd floor

Nearly 50% of the 39 apartments in Little Moorings, Rabie Property Group’s latest residential development under construction at Century City, have been sold. Rabie director John Chapman said they had taken advantage of the recessionary conditions in the industry to renegotiate building contractors and this had effected significant savings which had been passed on to purchasers in the form of lower purchase prices.

“In fact the new costings have come in at around R14 300 per square metre – a price we have not seen in five years,” he said.
Chapman said the original construction contracts had been signed towards the end of the boom years and costings had been done on the then prevailing prices for steel, concrete, formwork and the like.
“At the time those prices were high but during the recession of the past couple of years material prices have come off their highs with suppliers almost across the board having dropped prices, in many instances quite considerably.”

Chapman said with the renegotiated contracts they had been able to knock R3m ex Vat off the construction costs.

“With the knock on effect of lower commissions, lower professional and NHBRC fees as well as VAT, it has enabled us to effect a saving of around 12% on sales prices which has stimulated strong demand for units in the development,” he said.

Little Moorings is a boutique sectional title apartment complex set in a secure private garden with most of the apartments enjoying water frontage and many stunning mountain views.

Comprising studio, one and two bedroom apartments, Little Moorings will boast beautifully landscaped, private gardens fronting onto the water. There will also be a private jetty from which residents can launch their canoes.

Priced from R750 000 to R1,750 000, apartments vary in size from 50 square metres for one bedroom units to 99 square metres for two bedroom, two bathroom apartments. In addition, all apartments have balconies which vary in size from eight square metres to 35 square metres. Four of the two bedroom apartments have a mezzanine level which can be converted into a third bedroom,

Designed by award-winning architect Gisele Vanderstraeten, the architectural style of Little Moorings is contemporary yet sophisticated allowing for a lock-up-and-go lifestyle.

“The architecture introduces the use of traditional materials such as timber, light cladded stonework and steel. Walls will be painted with various taupe tones while the general principal is to create as much variety and interest as possible with regard to detailing, particularly in regard to the varied falls of monopitch roofs,” she said.

The interior layouts are modern open-plan living areas providing sweeping views over the landscaped gardens and waterways towards Table Mountain while the generous balconies to the interior living areas of all units will ensure a free-flow interior/exterior entertainment area.

All 13 top floor apartments will have built-in braais with chimneys at different heights to create an interesting skyline.

Set over basement parking, the three storey building will have two staircases and an elevator which is an usual feature in three-storey walkups and will widen its appeal to over 50 year olds.

All apartments will have at least one undercover parking bay with two bays provided for some of the two bedroom apartments.

The site will be secured by means of perimeter palisade fencing with access control.

Construction is expected to be completed at the end of the year with transfer early 2012.

Chapman, a director of Rabie Property Group, said this was the first niche residential development of this size to be developed at Century City and the first development they had publicly launched since December 2009.

“We have built close to 3000 homes at Century City and lessons learned in earlier developments have been applied here. It will really be a top class product offering exceptional value for money.”

He said most purchasers to date had been investors who were capitalizing on the continued high demand for rental accommodation in the precinct.

For further details contact Brian Usher of Property World, the official on-site sales agency, on 082 857 9431.

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