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Multibillion-rand Steyn City development sets new property benchmark

Multibillion-rand Steyn City development sets new property benchmark

2nd April 2015

By: Creamer Media Reporter

  

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From Creamer Media in Johannesburg, this is the Real Economy Report. The R6.5-billion first phase of Africa’s largest residential development to date –Steyn City Lifestyle Resort – was launched last month. The 2 000 acre development is located north of Fourways, in Johannesburg. Anine Vermeulen was there.

Anine Vermeulen:
Phase 1 comprises 93 apartments and 19 cluster homes, with a further 45 cluster homes to be built off-plan. In addition, six show homes have been completed and 220 freehold stands have been released onto the market – allowing owners to build their own homes.

The one-, two- and three-bedroom apartments range in size from 74 m2 to 149 m2 and will cost from R1.65-million to R3.9-million.

High demand for this type of residence has prompted the developers to build an additional 25 apartments over the coming 18 months. These will be sold off-plan.

Meanwhile, the cluster homes on offer at Steyn City range in price from R6.2-million to R8.4-million and comprise mainly four-bedroom options, with an average floor size of 350 m2 on stands varying from 400 m2 to 600 m2.

Head of steyn City Architecture and Design Wynand du Plessis

Anine Vermeulen:
Speaking at the official launch of the development, Steyn City Properties CEO Giuseppe Pulmari stated that there was no development on the continent that compared in size and infrastruture to Steyn City.
He added that residents would enjoy an unparalleled array of leisure activities and create a unique quality of life that has long been out of the reach of most South Africans, owing to high walls, the need to commute and security concerns.

Steyn City Properties CEO Giuseppe Plumari

Anine Vermeulen:
The developers have provided substantial financial support for government’s master planning for the region, which had resulted in the fast-tracking of regional infrastructure upgrades.

The developers invested R300-million in the road upgrade along the R511 that now featured three lanes in each direction from Uranium street through to Erling road, with plans to extend this through to the N14.

Steyn City is also partnering with government to extend William Nicol Drive through to the N14, which is already under way.

The developers also financed a major sewer upgrade at a total cost of R73.9-million. This has included an upgraded bulk sewer pipeline from Dainfern to a new pumpstation and the construction of a new R35-million water reservoir on the north-east portion of the resort that would store up to 30 megalitres of water and was part of Johannesburg Water’s master planning for the region.

Giuseppe Plumari

Shannon de Ryhove:
Other news making headlines this week: Eskom targets 975 MW in savings as it restarts its DSM schemes;

State-owned power utility Eskom, which halted its demand-side management interventions last year owing to funding uncertainties, reports that some of the programmes will be restarted this year and that a savings target of 975 MW has been set.

Eskom senior GM for integrated demand management Andrew Etzinger

That’s Creamer Media’s Real Economy Report. Join us again next week for more news and insight into South Africa’s real economy.

Edited by Shannon de Ryhove
Contributing Editor

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