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Century City Property Sales up 150%
| News by Staff ReporterDemand for property surges in Century City – SA's best middle-income area
Residential sales at Century City are a phenomenal 150 percent higher for the year to end-June than last year – an indication of the residential property market having turned the corner. According to Allen Usher, managing director of Property World – the on-site agency for the property developers Rabie Property Group – a total of 104 sales were recorded for the past financial year – totalling R206 million – compared to the 46 sales worth a total of R83 million the previous year.
He said 65 percent of the sales were completed in the second half of the financial year, with a further R25 million in sales last month and an additional R10 million pending.
The Century City development, voted as South Africa's best middle-income area to live in, has now fully established itself as a leading suburb with the introduction of the Crystal Towers, comprising luxury apartments, a five star hotel and restaurants, with apartments ranging in price from 1,7 million to 14 million.
The Crystal Towers, or the 'jewel in the crown of Century City', accounted for R106 million of the sales in its first six months after operation, including two penthouses totalling R17 million.
Much of the attraction around the Century City development is due to its excellent location, providing housing, retail and commercial amenities, and now with the new Century City train station, improved transport facilities.
Source: www.bizpremises.co.za
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