Construction works on South Africa’s first micro-living apartment in Woodstock,Cape Town has began. This is according to Rob Stefanutto, Group Managing Director of Dogon Group Properties.
“Cape Town is following the trend seen in cities such as Berlin, London, New York, Barcelona and Paris with the development of these state-of-the-art micro-living apartments – the first of their kind in the city,” said MD Rob Stefanutto.
1 On Albert
Mr Louis Karo, the apartment’s designer and award-winning architect said the apartment will be located in 1 On Albert, which is centrally situated in the up-and-coming area of Woodstock with a state-of-the-art development. The interiors designed by leading hotel room designer Grant Gillis – will range in size from entry level 21-square metre studios, at a cost of US $67,000 to 75-square metre two-bedroom units, at a cost of up to US $202,000.
The first collaborative partnership between Dogon Group Properties, AJ Developers, Power Construction and Gardner Property Solutions is expected to be completed by April 2020. Show units have already been constructed, complete with the finishing and fixture.
Some of the features in the development include; SMEG appliances, flat screen smart TVs and uncapped, unshaped 100 megs per second fibre internet. As part of the new conceptual living design also known as the integrated living solutions, the development will also feature communal recreational spaces, shops, a food court, laundromat, heated swimming pool .
Mr. Rob Stefanutto, said the buyers will not face any Capital gains Tax if they decide sell the unit. This is under the condition that they have been living in the unit as their primary residence.
Together with reduced bond registration cost and duty free transfer, it will be a lot easy for one to climb the property ladder. The low monthly levies and rates comes as another benefit of the micro living apartment. These cost creates budget conscious barrier for a first time buyers. Construction is estimated to be complete by 2020.
Demand for parking bays
Stefanutto added that out of the 80 apartments that have been sold only 30 parking bays have been requested. He notes that, 1 Albert Road lacks demand for parking bays which is a unique factor considering parking is highly demanded.
“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. This new development offers all of this and more. 1 on Albert has shown that it is the answer to both first-time buyers looking to get their foot in the door, and seasoned property investors looking to expand their portfolios,” said concludes Stefanutto.