Cape Town is following a trend seen in cities such as Berlin, London, New York, Barcelona and Paris – the development of the first state-of-the-art micro-living apartments in the city.
Think SMEG appliances, uncapped fibre Internet and a pool… all for under R1 million!
To be constructed at 1 Albert Road in Woodstock, these micro units will range in size from 21 square metre studio’s to 75 square metre two-bedroom units.
All the apartments will feature top end SMEG appliances, flat-screen smart TV and uncapped, unshaped 100megs per second fibre Internet – to name but a few of the features.
All the elements needed for inner-city living without having to leave the building
Rob Stefanutto, Managing Director of Dogon Group Properties, explains that in addition to the 133 living units over seven floors, the 1 On Albert development will also feature communal recreational spaces, shops, a food court, laundromat, heated swimming pool and more. “All part of a new conceptual design in living known as integrated living solutions, which incorporates all the elements needed for inner city living without having to leave the building.”
The 1 On Albert building, which is centrally situated in the up-and-coming area of Woodstock on a MyCiti bus route and with an Uber point at its doorstep, was designed by award-winning architect Louis Karol, and the interior of the apartments by leading hotel room designer Grant Gillis of Delta Interiors.
First-time buyers able to enter the property market
“Micro-living units have been popular internationally for several years and we are now following this trend in Cape Town. Millennials are looking for location over square footage. They want to be close to the city centre, close enough to walk, bike or rely on public transportation. However, with cities becoming increasingly over-crowded there is not only a shortage of housing but also the cost of properties has skyrocketed to such a point that young people cannot afford to buy their first property and get onto the property ladder – forcing them to rent on an ongoing basis,” says Stefanutto.
“Recognising this, 1 On Albert, which is the first offering in a collaborative partnership between Dogon, AJ Developers, Power Construction and GPS Property Solutions, has been designed to let the consumer buy their first home, with Nedbank having come on board to offer flexible finance that includes reduced interest rates, discounted registration fees and flexible deposit options.
“The key to the value chain in real estate is to get on the property ladder as early as possible and 1 On Albert is providing the missing link to the property value chain.”
The entry level units at 1 On Albert are priced at R799 000 to R945 000, inclusive of transfer duty – this equates to a monthly bond installment that is in line with, if not lower than, rental figures. Those earning between R18 000 and R25 000 per month should qualify for finance through Nedbank.
Stefanutto explains that another benefit of these micro-living units is the low monthly levy and rates – a cost which, in the case of many other developments, creates a barrier for budget-conscious first-time buyers.
A significant development in the Cape Town property industry
“It is necessary for the property development industry to produce an ever changing and adapted product that fulfills the needs of consumers and I feel that 1 On Albert is one of the most significant developments to hit the property market in the 20 years that I have been in the industry.
“Construction will begin on 1 On Albert in February 2018 and units have already started to sell in this exciting development which is seen as the gateway project for the emerging suburb of Woodstock – a suburb which has seen ongoing revival in recent years and offers direct access to the city centre,” concludes Stefanutto.
For further information visit //www.dogongroup.com