Inspired by the sleek look of the european loft apartment found in cities such as Paris, Antwerp and Milan, this tasteful address comprises 67 apartments offering high design standards and style. A Melrose Arch Development Company and Warner Projects joint venture, the apartments at “Melrose Square on Oak Lane” are in strong demand and selling rapidly. These apartments are set for completion in late 2007.



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More residential construction begins at Melrose Arch

Construction of Melrose Arch?s phase-two residential apartments had begun, the developers said on Wednesday in a media release.

Melrose Square on Oak, which was already 70% sold, was a joint venture between Melrose Arch Development Company and Warner Projects, the release said.

It comprised 67 60m2 to 140m2 apartments priced from R1,1-million to R3,8-million.

The loft-style apartments had been designed to offer buyers three themed Paris, Antwerp or Milan options.

Melrose Arch Development Company development director Nicholas Stopforth said that the second phase of residential development was demand-driven, as had been the other components of the Melrose Arch precinct before.

It indicated that South Africans were embracing the ?city within a city? concept and the integrated ?live, work and play? facilities that went with it.

While European city residents were used to apartment living and walking to shops and work, the opposite had been true of South Africans until recently. However, increased freeway congestion and high security costs had weaned many executives away from large suburban houses, the statement said.

?We are also seeing younger executive buyers for this phase, as the apartments are smaller and more affordable,? Pam Golding Properties Peet Strauss said.

Melrose Square on Oak was scheduled for completion in late 2007 and the entire precinct, which included phased development of retail and leisure facilities, offices and residential apartments, was expected to be realised by 2010.

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Published: 2006/11/29 Printer friendly: View this article in a printer friendly format
Author: Reuters
Portfolio: News Service

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