Tshwane Mayor Kgosientso Ramokgopo offici-ally launched the Duncan Court development, in Hatfield, earlier this month, which is part of Hatfield’s spatial development framework that endorses a new generation of student accom- modation.
The R380-million development, which is being built by property development company Costa Zervas Group, broke ground in January this year and has recorded more than 230 sales of the units to date, with a record total sell-out investment value of R450-million.
Population Increase“As the student population increases, so does demand for student housing, of which there is critical shortage. “This, in turn, has created excellent invest-ment opportunities [in Tshwane], which boasts three of the country’s top universities,” Ramo-kgopo said at the launch.
He added that Duncan Court responded appropriately to the needs of the rapid expansion of the University of Pretoria and the acute shortage of vacant land for student hous-ing developments in Hatfield.
“The development of student residences is not about off-campus accommodation, but rather about the spatial reconfiguration of our city and the integration of campus life into city life,” Ramokgopa noted.
He said the City of Tshwane believed that the development of decent student accommodation also increased the city’s tourism potential, owing to the bed-capacity required for major events during school holidays.
The significance of the city council’s support for this kind of development, he noted, was clear in light of a report by the Department of Higher Education and Training, released in September 2011, on the provision of student housing at South African universities.
The report highlighted a significant shortage of on-campus student accommodation nation-wide and emphasised that accessible, decent, safe and academically conducive student accommodation was crucial to the quality of the country’s higher education system.
Costa Zervas Projects CEO Costa Zervas said at the launch that he foresaw Duncan Court attracting more investors, particularly, parents looking for secure student accommodation, young professionals who work in the area and individuals living on smallholdings who want a base in town, as well as property investors.
“Duncan Court’s trendy apartments offer investors a secure profitable investment, with a positive return guaranteed. There will be no shortage of tenants to rent the units.
Parents investing in their students’ future can be at ease knowing their son or daughter resides in a safe environment – a home away from home, but also integrated into student life,” he said.