The largest component of this land is Zimbali Coastal Resort. However there are other designated and developed areas within this suburb, and Port Zimbali Estate and Hilltop Estate receive our focus for this week. Port Zimbali Estate measures 8.7 ha and has a maximum capacity of 80 freehold properties.
No sectional schemes will be developed within this estate. Currently approximately 50% of the properties have been sold and developed. The estate levy is R1,500 p.m. The mandatory gardening levy is currently R650 p.m. and this ensures that all the internal gardens and road verges are maintained by the home owner's association. The once of contribution to the levy stabilization fund, paid by the purchaser, is R10,000. The average price, based on all registered transfers over the past 12 months, is R2,891,667.
ABSA is currently the most active mortgage lender on the estate. The number of registrations, the best guide for sales activity, has increased from 8 in 2011 to 11 in 2012, which is almost back to the pre-recession 2007 level of 12.
Hilltop Private Estate measures 14,4 ha and consists of 61 sectional scheme units (across three completed and occupied sectional schemes) and 47 freehold properties, which includes the 10 new sites, which make up The Ponds development.
The estate levy is R1,140 p.m. and the once of contribution to the levy stabilization fund is R6,000 plus vat. The average selling price is R1,995,789 and ABSA is also currently the most active mortgage lender on this estate. The number of registrations recorded at Hilltop were 19 in 2011 and 5 in 2012. The respective figure for 2007 was 11.
The big difference between the two estates is that the opportunity at Port Zimbali Estate is a plot and plan option as the master developer also does all the building on the estate. A purchaser therefore enters into a building contract within 6 months of taking transfer of the land. This has created certain efficiencies which are passed onto the purchaser - the relative building package cost is very competitive, the quality of build is excellent and consistent, the build time frame is probably the shortest within the Dolphin Coast area and all professional fees are bundled together in the home package.
The landscaping around and between each of the properties becomes part of the building package and is also maintained on an on-going basis. For a completed freehold opportunity in the R3,5m price range, Port Zimbali Estate presents a compelling solution. Hilltop Estate currently offers some of the best vacant land options to be found where stand sizes average 1,600 sqm and spectacular sea views are possible.
Hilltop recently scrapped all build by dates and are actively encouraging investment in this largely overlooked boutique estate. Purchasers of vacant land are free to use their own appointed architect and builder, although the architectural guidelines are subject to the Zimbali town planning scheme.
Examples of large and impressive freehold homes have already been built and the sectional title offerings have suddenly over the past 6 months received significantly more interest. For vacant land within the R1m price range, Hilltop offers exceptional value.
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