Oak Park will help with housing shortage
20 August 2019
Oak Park, a 64-apartment development in Groenvallei near Stikland, will be developed in a bid to address the huge housing shortage in the Western Cape. Each apartment, valued at R695 000, will be 55m².
“Housing is one of the basic human needs due to our desire for security, privacy and protection from the negative impacts of the environment. It plays a vital part in improving human health, as well as the social and economic welfare of society,” says Jean-Pierre Nortier, developments director of the Devmark Property Group.
“We have carved our name as an industry leader over the past 26 years. At the moment, there is a definite shortage of secure residential property developments close to schools, transport nodes, shopping centres and other amenities.
“We believe that Oak Park will make a small contribution in alleviating this problem. This is a classical fill-in development, which complies with the City of Cape Town’s strategy to restrict urban sprawl and to increase density. It is excellently located on Old Paarl Road, close to the central business districts (CBDs) of Bellville and Brackenfell, as well as the large and established Stikland industrial area. We also hope to launch similar developments in the near future,” Nortier said.
According to Nortier, Devmark is delighted with the sale of the development to an investment consortium. “Designed by well-known architectural firm, AVNA, the development will be ideal for the rental market and therefore an excellent investment. Civil works for the project has commenced on 19 April this year and the project will be completed by April 2020.”
Warren Joffe, representative of the investment consortium, adds: “There is a definite housing shortfall in South Africa. This, combined with the increasing interest rate environment and the general political and economic uncertainty, we believe will stimulate further demand in the rental market for residential property. These factors, therefore, all bode well for our investment. Oak Park offers exactly what we’re after. This will be our first transaction with Devmark and we hope to work together on future residential investment opportunities that fit our profile.”