There’s an urgent need for affordable housing in Cape Town, especially in locations close to schools and universities, urban hubs, transport and amenities, says Bruwer de Jager, national sales manager, Devmark Property Group.
Working with the government, Devmark responded to this shortage by launching The Glen, an integrated housing project in Glenhaven, Bellville South, Cape Town.
Offering 63 one-bedroom and two-bedroom apartments, ranging from R640,000 to R895,000, the units are designed to maximise natural light and include quality finishes such as aluminium windows, built-in cupboards and granite kitchen tops.
According to Meyer de Waal, founder of My Bond Fitness and a director of MDW INC Attorneys, The Glen has been designed to help qualifying first-time buyers onto the property ladder with the assistance of the government’s Flisp (Financed Linked Individual Subsidy Programme) home loan subsidy.
“A Flisp subsidy amount for a qualifying buyer at The Glen ranges between R27,960 and R121,626, depending on the joint household income of the applicant, with a maximum allowable monthly income of R22,000,” says De Waal. “It’s ideal for young couples and families looking for affordable, secure, well-located and cleverly designed accommodation and an ideal investment opportunity.” Another benefit of this integrated housing project is the improvement of infrastructure to the greater Bellville area and surrounds. Before the development, only 10% of properties in Glenhaven were sectional title apartments or townhouses.
“Glenhaven also has very few properties available for rent,” says De Waal. “One can’t go wrong here; it offers everything the first-time homebuyer needs and promises to become a valuable asset over a few years.”