A look inside Cape Town's new R 1 million '"micro" apartments.
Category Property Market
Following international trends, Cape Town is set to receive a new “micro-living” apartment development, aimed at those looking for ‘location’ over ‘space’.
The 1 on Albert development that will be built in Woodstock is being marketed by Dogon Group Properties in association with the developer AJ Property Holdings, with prices aimed at below the R1 million mark.
However, the first set of apartments – which retail for R799,000 – have already sold out, with the R950,000 apartments also seeing massive demand, the developers said. Limited parking is also available for R250,000 a bay.
Designed by award winning architects Louis Karol, with apartment interiors designed by leading hotel room designer Grant Gillis, all apartments feature top-end finishes and include SMEG appliances, flat screen smart TV’s and uncapped, unshaped 100megs/second fibre internet is available
In addition to the 133 living units over seven floors (ranging in size from 21m² studios to 70m² two-bedroom units), 1 On Albert will feature communal recreational spaces, shops, a food court, laundromat, heated swimming pool and more.
This forms 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 developers said.
Micro living units have been popular internationally for several years, and 1 On Albert is now following this trend in Cape Town, said Dogon.
It is aimed at those looking for location rather than square footage, who wish to be close to the city centre, close enough to walk, bike, or rely on public transportation.
As a result, the property is conveniently located on the MyCiti bus route and with an Uber point at its doorstep, just a quick commute from Cape Town’s educational centres such as UCT, CPUT, SAE and Red & Yellow, the group said.
According to the developers, 1 On Albert, will be the first offering in a collaborative partnership which 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 entry levels units at are priced at R799,000 to R945,000, inclusive of transfer duty – this equates to a monthly bond instalment 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.
The biggest apartment, at 70m², is priced at R2.6 million.
Because of the way that the development has been structured, 1 on Albert also offers unique tax oppurtunities.
“The Cape Town UDZ tax incentive is a SARS administered tax incentive encouraging residential and commercial development in certain specified areas in Cape Town, in which 1 On Albert will be located,” said Dogon.
“The tax incentive offers property owners a tax deduction against taxable income over eleven years and could act as a deferment of tax payable until the unit is sold.”