Phase one of one of the fastest selling developments ever launched in Cape Town, Rondebosch Oaks in Rouwkoop Road, Rondebosch, is now nearing completion. Buyers will take transfer this December.
Phase one of this development by Rawson Developers and Homebuilders, which has 150 sectional title units, was sold out in 72 hours when it was launched in February 2007. More than 3000 enquiries were recorded within three days. At the time, Paul Henry, MD of Rawson Developers and Homebuilders, said that he could have sold double the number of units available. Many prospective buyers had to be disappointed.
The huge popularity of the project stems from its beautifully central position and the fact that it was exceptionally low priced for the area. It offered bachelor, one and two bedroom apartments in a price range from R440 000 to R995 000. These vary in size from 26m² to 70m². The smaller units have open plan living and dining areas but in the larger units kitchens are separate.
'What was formerly a run down and neglected hostel, designed and built by the State has been transformed into an upmarket and modern, yet affordable home to many.
Henry added that there are now clear indications that renting in this development (which is close to several of Cape Towns oldest schools, UCT and the Newlands sports grounds) will be no problem. Even the smallest units, he said, will command a rental of R2 500 per month. Trevor Weston-Green (Rawson Properties Newlands franchisee, telephone number 082 783 4393) is handling the finding of tenants and a few resales. At this stage, said Henry, it appears that the average price escalation has been ±20% beating the publicised growth in the property market.
Work on a second phase of 106 units is expected to start in 2008 but, said Henry, consultation with the nearby residents will first take place to discuss the aesthetics of this phase.
'Rondebosch,' he said, 'has benefited from the development because the road reserves on Rouwkoop and White Roads have been increased by five metres allowing for additional parking and landscaping'
The two hectare site has historic associations. Archival records show that it can be traced back to 1660 when it formed part of a farm awarded by Governor Jan van Riebeeck to one of the first 'Vryburgers'. A large homestead was built here in 1701 but demolished in the early 1960s '“ a plaque erected on the site by the Rawson team will commemorate this.
A central open space on the site with mature trees (including a large yellowwood) has been preserved and further extensive landscaping is taking place at present.
Funding for the project has been provided by Nedbank Corporate Property Finance (Cape) whose Manager, New Business, Richard Edwards, has said that it is one of the most successful transformations of a 1950s style development that Nedbank has seen.
