NEWS
This is what makes the South African GAP housing sector an interesting opportunity , particularly in the light of the economic slowdown . “ This is the market in South Africa that has the greatest potential to grow over the next few years , particularly when you deliver a quality product that offers homeowners a bit more than others ,” Power says .
“ Our philosophy is to give people more for the cheapest price . If you don ' t do that , your buyers will have to loan more money , which increases their risk of losing the roof over their head when they can ' t afford the monthly bond payments ,” he says . “ From a business point of view we can do this because we deal with huge volumes . This means we can negotiate on good pricing with the suppliers of our extractor fans , solar geysers , cupboards , boundary fences , burglar bars and gates and alarm systems , which are standard fits .”
Power Developments ' most recent housing project , The Vines in Eerste Rivier , is a good example , he says . “ The response has been unparalleled .” The Vines will include a combination of GAP and open market homes . At this stage purchasers earning R12 000 or more are able to afford the homes ( subject to deposits available and credit history ).
The interest in The Vines , which comprises 83 freestanding homes in the R426 000 to R675 000 price range , reflects the situation in 2012 when Power Developments launched the award winning Pelican Park . Situated outside Muizenberg , the Western Cape ’ s largest Integrated Residential development comprises 3 200 homes , including 2 024 government-subsidised units , 760 GAP houses and 360 bonded homes .
Artist ’ s impression of the layout of one of the two-bedroom houses at The Vines . Image : Power Group
“ The GAP houses in particular were extremely popular . At some stage during the construction period , we had 60 sales a month ,” says Power . “ It ’ s clear that this is what people want and need right now .”
The launch of The Vines Development took place at the end of July 2016 .
" The GAP houses in particular were extremely popular . At some stage during the construction period , we had 60 sales a month ."
AFFORDABLE
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