Integrated housing project in Glenhaven launches The Glen
01 October 2020
Devmark Property Group’s integrated housing project in Glenhaven, Bellville South, is making excellent progress with the launch of The Glen. Located on an infill site measuring 7.2 ha on the corner of Peter Barlow and Bester Roads in Glenhaven.
It is in close proximity to public transport, the University of the Western Cape (UWC), the Cape Peninsula University of Technology (CPUT), schools and various economic opportunities.
With prices for a one-bedroomed apartment starting from only R640 000 inclusive of bond and transfer costs, rates and taxes for the first twelve months after occupation will also be covered. The developers aim to address the ever-increasing shortage of affordable residential property developments.
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 FLISP (Financed Linked Individual Subsidy Programme) home-loan subsidy, provided by Government.” In short, the FLISP programme is a housing subsidy for qualifying first-time home buyers. De Waal continues: “A FLISP subsidy for a qualifying buyer at The Glen for a unit valued at R649 000, can reduce the price by R59 000 if you earn R15 500 per month. The price can be reduced by R31 000 for a unit that sells for R895 000 for a qualifying buyer who earns R21 400. The subsidy amount 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.”
“One can’t go wrong – it offers everything the first-time home buyer needs and promises to become a valuable asset over a few years,” De Waal explains.
Image credit: FLISP
Bruwer de Jager, National Sales Manager for Devmark Property Group, says there is a desperate need for affordable housing in Cape Town. “Together with Government, Devmark is responding to this challenge head on. Housing is one of our fundamental human rights due to our desire for safe, secure, liveable and affordable homes. Furthermore, housing plays a vital part in improving the social and economic welfare of society.”
De Jager states that Precinct 1, The Block, offering 253 units for rental in the GAP market, was completed at the end of 2018 and is fully occupied. The Anchorage with its 512 social housing units for rental, is also nearing completion with some tenants already moving in. “This development will establish new standards for social housing by delivering on quality and amenities and by doing so on scale. It’s ideal for young couples as well as families looking for affordable, secure, well located and cleverly designed accommodation,” he adds.
The Glen offers great value and is also an excellent option for investors. “The development holds enormous advantages for the area through contributions and improvement to the infrastructure in the immediate surrounds. There is a huge backlog of affordable housing stock, especially located near opportunities of education, employment, transport and amenities. Our projects are close to major industries, the Bellville CBD and Sacks Circle, Tyger Valley, as well as public amenities such as schools, state hospitals and public libraries. Furthermore, it’s only 1.2km from both UWC and the CPUT Bellville Campus. We believe this to be one of the reasons that the development is doing so well,” says De Jager.
The Glen will offer 63 one-bedroomed and two-bedroomed apartments, ranging between R640 000 and R895 000. Units will include quality finishes such as cavity walls, aluminium windows, floor tiles, built-in cupboards in kitchens and bedrooms, granite kitchen tops, and clever site design with natural light.
FLISP is an initiative driven by the Department of Human Settlements to assist qualifying households who have secured a mortgage bond to acquire a residential property for the first time. The objective of the programme is to reduce the initial home loan amount to render monthly instalments affordable over the loan repayment term / to use as a deposit for a property to be purchased / used to cover legal transfer and bond registration fees.