Phase 1 of Ballito Groves has sold out in less than a month. Launched to the public on 11 December 2018 at a starting price of R680,000, Ballito Groves has sold 210 units in only 4 weeks. This performance equates to a staggering R200m worth of sales and an average rate of sale of 6 units per day. Current sectional title transfers for Ballito show a total of 180 sales for the period January to December 2018; an average of 15 sales a month.
Developed by International Housing Solutions (IHS), in conjunction with Avoca Developments, Ballito Groves is located within central Ballito, with phase 2 now launched at R785,000.
Compelled by the market demand for investment opportunities and homes under R1m, the development of Ballito Groves is set to change the residential market in Ballito and ignite further development of competitively priced residential products.
“There is an irrefutable need and want for homes under the R1m mark, and especially so in growth areas located nearby to schools, retail opportunities, offices and commercial centres, like Ballito,” said Rob Wesselo, managing director of IHS South Africa. “Ballito Groves is ideally placed and ticks all the boxes for the sector of the market which wants to invest at this price point. Not only does the competitive price point allow would-be purchasers a foothold into the property market, but the purchase price includes transfer duties so there are no ‘hidden’ costs or latent payments due once the deposit is paid.”
The development of Ballito Groves is backed by sound research into the scope of the market and offering the ideal product mix at an attractive and attainable price point. The market research conducted has shown that Ballito Groves will give both end-user buyers and investors the opportunity to potentially earn rental returns of 9% to 10% after bond repayments, levies and rates.
“Potential buyers have been scared off by high prices [in Ballito] and other barriers to entry; we aim to bridge this gap and give entry-level buyers the chance to own property in an affluent and upcoming suburb like Ballito, while also creating energy-efficient developments with a greater view to sustainability and reduced operating costs for owners and the developer,” said Wesselo, noting that the deposit required for purchase is not linked to the value of the unit purchased. Instead a flat R10,000 deposit is required and no further payments are required from purchasers until transfer takes place.
The lower starting price point, zero transfer duties, zero estate levies and R10,000 across-the-board deposit is further enhanced by green development practices seen in Smart meters, low-flow faucets and heat pumps in homes, efficient home insulation, estate greening, a centralised estate geyser system and energy saving light bulbs throughout the estate. As an EDGE (Excellence in Design for Greater Efficiencies) Certified development, Ballito Groves is designed to potentially save owners up to R10,000 annually through reduced utility costs.
“All IHS properties are certified by the Green Building Council of South Africa under the EDGE rating. What this means is that our developments are designed and built to be more eco-friendly, sustainable and cost-efficient,” Wesselo said.
Estate facilities include:
- Landscaped recreational areas
- Fibre-enabled homes
- Self-service laundry facilities
- Clubhouse with braai and recreational areas
- Pet friendly
- Proposed crèche