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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