Mosi-oa-Tunya
October 25th, 2007, 10:14 PM
Name: Premier Hotel Imonti & Cascades Apartments
Use: Residential & Hotel
Floors: 10
Status: Under Construction
Location: Esplanade beachfront, East London
Property24.com
Development to boost EL beachfront
http://www.property24.com/property24/Articles/ArticleImages/Cascades-(5).gif
Image: Artist's impression of the new Cascades Apartments, a new development on East London's beachfront.
http://www.property24.com/property24/Articles/ArticleImages/Cascades-Apartments-visual-of-lounge2.gif
Image: Artist's impression showing the interior of a unit at Cascades Apartments.
2007/10/25
Phase two has just been launched in a new development which is expected to add further impetus to the upgrading and maximising of East London's beachfront.
This project also bodes well for a major business surge in the hospitality sector, says Gwyn Bassingthwaighte, commercial division area principal for Pam Golding Properties (PGP).
"Phase Two of this seafront development includes a 1,500-seater convention centre and two Cascades apartment blocks totaling 254 bedrooms. Construction is already underway on the site which is adjacent to the Premier Hotel Regent on the East London Esplanade.
"The Imonti Hotel and Convention Centre has already purchased the convention centre and one apartment block with the assistance of the Industrial Development Corporation (IDC), while the remaining block is available for purchase by an investor," says Bassingthwaighte.
At Cascades Apartments, described by PGP as ideal for executive investment, 60 self-catering apartments are currently for sale to investors. Bachelor, one, two and three-bedroom options are available ranging in size from approximately 41sq m to 188sq m.
The fully furnished apartments are sensitively and professionally designed with an ambience to match the lifestyle aspirations of purchasers in the upmarket complex. A holistic lifestyle approach will ensure secure condominium living with all services supplied, while a full floor of recreational exercise facilities is also available.
The entry level purchase price is R988k (including VAT) for a bachelor apartment, with one-bedroom apartments priced at R1,95m, two-bedroom R1,898m and three- bedroom R3,375m.
"The launch of the Cascades Apartments provides an exceptional opportunity for investment," says Bassingthwaighte.
"The concept follows a tried and tested formula which was used in the first phase, which comprised the successful and now well established Premier Hotel Regent. Here investors rent their apartments to the hotel rental pool which enjoys an excellent average occupancy of around 80% per annum."
NV Properties developed the Premier Hotel Regent on a sectional title basis in 1996 and the new Cascades Apartments will be rented by the hotel with investor income allocated to individual units on a participation quota basis.
"The principle and method of purchasing a unit here is exactly the same as with the original Premier Hotel Regent, except that a 20% deposit will be required."
"In addition to this, a further 10% contribution will be added by the developer on behalf of the purchaser - from the VAT refund. Effectively, this means that investors pay for 90% of the purchase price. The bond is projected to be paid off in 12 to 15 years. Should the returns be similar to the current Premier Hotel Regent units, it is anticipated investors could enjoy a return on their deposit of 43% per annum."
For more information contact 082 891 4613 or send an email.
Use: Residential & Hotel
Floors: 10
Status: Under Construction
Location: Esplanade beachfront, East London
Property24.com
Development to boost EL beachfront
http://www.property24.com/property24/Articles/ArticleImages/Cascades-(5).gif
Image: Artist's impression of the new Cascades Apartments, a new development on East London's beachfront.
http://www.property24.com/property24/Articles/ArticleImages/Cascades-Apartments-visual-of-lounge2.gif
Image: Artist's impression showing the interior of a unit at Cascades Apartments.
2007/10/25
Phase two has just been launched in a new development which is expected to add further impetus to the upgrading and maximising of East London's beachfront.
This project also bodes well for a major business surge in the hospitality sector, says Gwyn Bassingthwaighte, commercial division area principal for Pam Golding Properties (PGP).
"Phase Two of this seafront development includes a 1,500-seater convention centre and two Cascades apartment blocks totaling 254 bedrooms. Construction is already underway on the site which is adjacent to the Premier Hotel Regent on the East London Esplanade.
"The Imonti Hotel and Convention Centre has already purchased the convention centre and one apartment block with the assistance of the Industrial Development Corporation (IDC), while the remaining block is available for purchase by an investor," says Bassingthwaighte.
At Cascades Apartments, described by PGP as ideal for executive investment, 60 self-catering apartments are currently for sale to investors. Bachelor, one, two and three-bedroom options are available ranging in size from approximately 41sq m to 188sq m.
The fully furnished apartments are sensitively and professionally designed with an ambience to match the lifestyle aspirations of purchasers in the upmarket complex. A holistic lifestyle approach will ensure secure condominium living with all services supplied, while a full floor of recreational exercise facilities is also available.
The entry level purchase price is R988k (including VAT) for a bachelor apartment, with one-bedroom apartments priced at R1,95m, two-bedroom R1,898m and three- bedroom R3,375m.
"The launch of the Cascades Apartments provides an exceptional opportunity for investment," says Bassingthwaighte.
"The concept follows a tried and tested formula which was used in the first phase, which comprised the successful and now well established Premier Hotel Regent. Here investors rent their apartments to the hotel rental pool which enjoys an excellent average occupancy of around 80% per annum."
NV Properties developed the Premier Hotel Regent on a sectional title basis in 1996 and the new Cascades Apartments will be rented by the hotel with investor income allocated to individual units on a participation quota basis.
"The principle and method of purchasing a unit here is exactly the same as with the original Premier Hotel Regent, except that a 20% deposit will be required."
"In addition to this, a further 10% contribution will be added by the developer on behalf of the purchaser - from the VAT refund. Effectively, this means that investors pay for 90% of the purchase price. The bond is projected to be paid off in 12 to 15 years. Should the returns be similar to the current Premier Hotel Regent units, it is anticipated investors could enjoy a return on their deposit of 43% per annum."
For more information contact 082 891 4613 or send an email.