MY SPACE
STELLENBOSCH
David Ludditt CEO of Abacus Development Company
Abacus : www . abacusdevco . co . za
My Space : www . myspaceres . co . za
Opposite Page : Entrance to My Space @ Drostdy
Established as property developers in the retail and residential markets for many years , the advent of Covid in 2020 provided Abacus Development Company ( Abacus ) with the opportunity to take stock of their long term development plans and reconsider the way forward for two existing properties in their portfolio in Stellenbosch , the town in which their offices are based .
At the same time , a hotel in Paradyskloof , a suburb of Stellenbosch , came onto the market . David Ludditt , CEO of Abacus said that when he viewed the property , he thought that this was something that could possibly work well with the other two existing properties in the Stellenbosh CBD and it was during that enforced period of introspection during Covid with very little construction taking place , that the co-living concept of My Space was born .
Although Stellenbosch is very much a student town , with Stellenbosch University and other education providers such as Stellenbosch Academy and Inscape catering to approximately 34,000 students , Abacus wanted the My Space concept to be more than just a standard student accommodation offering . My Space is all about co-living , suited to both students or young professionals looking to live and study in an environment that offers all the facilities you need for daily living in-house . Residents merely need to bring their personal effects with them and move straight in . Monthly rates include all services such as Wi-Fi , Netflix , laundry , gym , water , electricity and many others . My Space combines the facilities of a hotel with the additional needs of students and other young adults . My Space has reimagined the sector and set the bar high for future developments .
Once the concept and design for each of the three sites , Paradys , Dorpstreet and Drostdy , was finalised , construction began simultaneously on all three , which was quite an intense period for the development team . In order not to overwhelm any one firm , Abacus chose to work with three different architects , allocating each one a site . This has also allowed the design aesthetic of each firm to add an individual touch to every site . Abacus worked with Dot Designs on a master concept for the interiors that was initially implemented at the Paradys site and then rolled out to the other sites by dhk Interior Design .
Abacus has not held back on the specifications for My Space , ensuring that all finishes and services offered are top quality . Calling it the ‘ Abacus way ’, David Ludditt said they were prepared to lower margins if it meant that the high standard for which they have established a reputation was to be achieved .
David said that the concept has proven very successful to date . The initial letting target for the first year was 70 % but this was exceeded and currently stands at around 88 %.
With approximately 650 beds available , Abacus has plans to expand the My Space brand within Stellenbosch , aiming for 2,000 beds over the next five years . Stellenbosch University is aiming to increase their student numbers over the next ten years and new players in the education sector are looking to establish campuses in Stellenbosch . There is currently a shortage of accommodation so there is certainly a lot of scope for future development of My Space within the sector .
60 My Space