Billed as the country’s most successful property launch in history, with R1bn in sales taking place at its initial launch on April 4, 2015, the developers of The Pearls of Umhlanga have reconfigured the building in its final phase, Pearl Sky, to cater to market demand.
This has resulted in a further 41 sea-facing apartments being made availalbe, of which 18 are high-demand studios, situated from the 26th floor upwards in Pearl Sky.
Sudhir Pragjee, director of The Pearls of Umhlanga development, says “The Pearls of Umhlanga is, quite simply, the most sought-after address on the North Coast and property investors are aware that Pearl Sky offers the final opportunity to be part of our iconic development. In light of this we have responded to the unwavering demands of the market, and the additional apartments present the last chance for buyers to be part of The Pearls,” adds Pragjee.
Ninety per cent of the units in the development have been sold, with 85% of the buyers from Gauteng. The complex consists of 680 units in total, housed in a plan of three towers and a base.
The construction schedule for the Pearl Sky tower is well on track, Pragjee reports, and has already progressed to the 5th floor level. On completion, Pearl Sky will add a further 420 new residential apartments to the 260 apartments that already exist in The Pearls of Umhlanga development. The shopping centre component of Pearl Sky will open in November this year and the occupation of apartments will begin in the latter half of 2017.
“Based on its beautiful location with direct beach access, unique design and high quality offering, Pearl Sky is a first-class investment opportunity and the level of interest is most satisfying for us as the developers, especially as there is no other property in the region with this value proposition. The record-breaking success of the Pearl Sky launch was largely due to the fact that we were in-tune with market demands, and we are confident that making available the additional apartments will be no different,” says Pragjee.
Studios in the apartment complex start from R2m; one bedroom apartments from R3,3m; 2 bedroom apartments from R4m; and three bedroom apartments from R10m.