NEW DEVELOPMENT LAUNCHES 14 NOV.
Phase one of a new secure development comprising a total of 181 apartments and townhouses set in beautifully landscaped gardens in Burgundy Estate Cape Town is now being launched.
To be known as Zarina after the famous filly of Sir De Villiers Graaff who farmed the neighbouring De Grendel wine and stud farm, the R200million project is being developed by the award-winning Rabie Property Group in a joint venture with Nedbank.
One and two bedroom apartments, which will vary in size from 53 square metres including balconies to 88 square metres are priced from R750 000 to R1,235 000 with three bedroom townhouses selling from R2,2million, VAT inclusive.
Miguel Rodrigues, Development Manager for Rabie, says these prices equate to a very competitive cost of around R14 000 per square metre for a quality product which is being delivered from early to mid 2017.
“As such it offers exceptional value for money which we have been able to achieve through economies of scale as this is a much larger development than what has been done to date at Burgundy Estate and due to our relationship with the contractor. “This has also allowed us to provide a range of communal facilities including a swimming pool, clubhouse, plenty of private open space including a play park and other play areas making it an ideal home for young families.”
In the first phase, seven one bed apartments, 46 two bedroom apartments and seven townhouses will be built while 10 one beds, 42 two bedroom apartments and nine townhouses will be built in phase two.
The final phase will comprise 12 one bedroom apartments and 48 two bedroom apartments.
Ample parking is being provided on a ratio of 1,75 bays per apartment. Each apartment will have one allocated bay with the balance of bays being pooled for communal use and visitors, says Rodrigues.
The entire development will have perimeter fencing with a gatehouse and 24 hour manned security.
This is the second residential development to be undertaken by Rabie and Nedbank at Burgundy Estate but the first to be offered for sale to the public.
The first project, Vermont, consisting of 190 one, two and three bedroom apartments has been acquired in its entirety at cost of R200m by a private investor for rental stock.
Construction of Zarina is expected to start in March 2016 with the first phase scheduled for completion in early 2017.