A new property project in South Africa’s largest township is part of an investment drive aimed at converting the area surrounding the Orlando Dam and the Orlando Towers into a sought-after growth node.
The one-of-a-kind cluster of lifestyle estates – Orlando Towers Estates – to be developed next to the famed Orlando Towers, will produce more than 2 800 quality two- and three-bedrooms apartments in four secure estates over the next five years.
Launched in June, the estate is not only primely located, but also boasts top-tier lifestyle facilities including biometric access, a football pitch, kids’ play areas, braai pods, a clubhouse facility, fibre network, resident parking bays, and gas utilities. And it is affordable, with prices starting at R670 575 for a two-bedroom apartment.
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The estate is located less than 4km from Maponya Mall, and 2km from Chris Hani Baragwanath Hospital and the University of Johannesburg. Furthermore, Bara Mall is right across the road.
The aim of this development is to empower the community through attaining property assets that will appreciate in value due to the prime location, say Derek Steyn and Louis Barnard who lead the development team.
“Furthermore, it will serve as a stimulus for the local community and represent a major investment into middle-income bonded housing for the area. We are committed to supporting SMME’s from the local business community, in particular, the youth- and women-owned businesses when it comes to material sourcing and general labour,” Steyn says.
"This is the spirit behind the vision for Orlando Towers Estates – to build quality affordable lifestyle apartments for the average South African. Through this development, we will be empowering buyers with long-term wealth creation and with a saleable asset.”
Raubex is leading the construction of the development.
Tim Akinnusi, chief executive of MortgageMarket.co.za says there is “no doubt” that a well-priced, well-located property investment, coupled with key amenities in the heart of a community like Soweto, will be in high demand.”
MortgageMarket.co.za has partnered with the development to help potential homeowners get access to South Africa’s top seven banks, by providing real-time access to pre-approved home loans.
With the prime lending rate still relatively low, it favours first-time homebuyers looking to enter the property ownership market. Plus, all South African banks have committed to providing home loans with up to 100% loan-to-value (LTV) for first-time home buyers. The government subsidy programme (FLISP) will also be available to assist buyers with additional funding.
Citing words from President Cyril Ramaphosa, Norman Ntabane, executive director at Raubex says property development will play a “huge role” in South Africa’s economic recovery.
“As the country moves towards a post-Covid-19 era, property and construction will be a key driver to uplifting the South African economy and building communities by providing affordable, modern and good quality housing.”
Orlando Towers Estates supports this mission by being close to economic hubs and providing parking for residents to afford the flexibility of using private or public transport, he says.
Data from Lightstone shows that demand for properties in Soweto has grown substantially in the past 28 years, with the number of registered homes more than doubling since 1994.
Hayley Ivins-Downes, head of digital at Lightstone, says there were 83 119 registered properties in the year South Africa held its first democratic election, one of which was a sectional title home and one classified as an estate. The rest were freehold properties. Today, there are 183 525 registered homes in the area. This includes:
Of the 183 525 homes, 84% are valued at between R250 000 and R700 000, and 12% are in the R700 000 to R1m price band.
“There were just 10 homes registered at more than R3m.”
Interestingly, she adds, 90% of homeowners in Soweto are under the age of 49, with 47% younger than 35.
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