About
Greenview Estate
Background
The developer acquired the property from Mrs Botha in 2018 who in 2005 together with her late husband acquired the property for development purposes. The developer completed the process of converting the rights up to the township proclamation.
Awaiting the section 82 approval the property can be walled and an entrance gate and showhouse built. After section 82 approval internal services will be completed to each stand and construction will start on each home for which a sale agreement has been concluded and funding secured.
Sales will be done in phases to focus the building process. The estimated time for completion of each home is approximately 60 to 90 days. Ideally, 6 to 10 homes should be delivered every month.
About the developer
The developer is part of the Van Rooyen Group, a very strong developer in Kwa-Zulu Natal, having developed Le Domaine Retirement Village with more than 650 units and Cotswold Downs Golf and Country Estate in Hillcrest, The Pearls of Umhlanga, and is currently busy with the development of Hesketh Country Estate in Pietermaritzburg.
Green options
The property
Pricing
Tax Break Investment Proposal
Green Options
The property is situated adjacent to a farm growing vegetables. It is lush and green for most of the year. The border to the farm will have a Clearview fence to allow the development a view of the green farmland and the far horizon.
A landscaping architect was appointed to ensure that the gardens, gate and entertainment area are lush with green and colourful plants.
Water tanks will ensure that the development has water for critical use for at least two days.
Central solar system positioned on the roofs and harvesting the electricity to a central point to charge a storage system to provide electricity during the night.
The Property
The property is known as Groeneweid X6 and 3ha in extent.
The property has a private open space of 3 000㎡, where a basketball court, clubhouse and play area are provided.
The property was acquired by the developer in September 2018 when the rights were already applied for. The rights approved are for 64 free-standing residential units to be developed on a sectional title basis on stands of 300㎡ and larger. The property is serviced by a single tarred circular route of 5m wide.
Based on the results of the Geotech analysis the property has the following restrictions/requirements:
All buildings must have a float foundation of at least 5X5m
All stormwater must be directed to the roads. The roads must be asphalt and all stormwater must be slowed down in a detention pond before feeding into the stormwater system
No swimming pools
The Northern end of the property is not suitable for development and is an internal park
All sewerage pipes are required to be of a superior standard
Greenview Estate
Three and four-bedroom with 2-bathroom houses ranging from 137㎡ to 178㎡ with complete kitchen and bathroom finishes and double garages.
Pricing
This higher-end development compares favourably to developments in Boksburg selling at average prices of R14 000/㎡.
Our lovely 3-bedroom, 2-bathroom house with open plan kitchen and spacious living area and verandah with built-in braai and double garage of 137㎡ at R1 850 000
The 4-bedroom, 2-bathroom house with open plan kitchen and spacious living area and verandah with built-in braai and double garage of 178㎡ at R2 395 000 is an even better buy.
Tax Break Investment Proposal
Basically, SARS wants to encourage investment and the provision of rental homes into the market so SEX13 allows you to decrease your taxable income. A buy-to-let investor can claim an allowance of 55% of the purchase price.
The 4 qualifying criteria are as follows:
1
The unit must be new and unused, so buying direct from the developer qualifies
2
Unit must be solely for the trade of the taxpayer, i.e. it must be a rental unit.
3
The taxpayer (or entity – could be a trust or company) must own at least 5 rental units, all of which don’t need to be purchased all at once, but the allowance only kicks in once the 5th unit is acquired.
4
The unit must be in sunny South Africa.
