DEVELOPMENT TEAM
Developer & Architect
Quorum Holdings
Since its inception in 2014, Quorum Holdings has been at the forefront of transforming real estate with a proven track record of creating out-of-the-ordinary office, retail, residential, and industrial spaces across South Africa. With innovative vision, Quorum Holdings is dedicated to enhancing environments and delivering commercially viable, socially impactful, and economically profitable properties.
Transferring Attorney
C&A Friedlander Attorneys
C&A Friedlander Attorneys traces its roots to the establishment of the firm Friedlander & Du Toit in Cape Town in 1899. After more than 100 years of successful practice and service to the community, C&A Friedlander Attorneys, with its mixture of strong traditionalism blended with youthful innovation, comprises a dynamic practice offering a wide range of specialist legal services, and is committed to remaining at the forefront of legal developments.
Bond Originator
BetterBond
BetterBond is the leading bond originator in South Africa. They pre-approve you for a home loan and then get you the best deal on your bond.
Short-Term Rental Operator
Propr
Propr is the only host management company based in Africa and the Middle East to have direct API integration with Airbnb. Founded in 2015, Propr has served over 300 000+ happy customers in 5 cities across over 800 properties.
Andrew Preston, Senior Business Development Manager at Propr, is available to contact for any queries regarding the short-term rental document.
Mobile number: +27 63 693 9370 | Email address: andrew@propr.co.za
DEVELOPMENT FACTS
Address
48 Regent Road, Sea Point
Estimated start and completion date of development
The estimated start period is Q1 2025 and the estimated completion period is Q3 2026.
Apartments
8-storey building comprising 60 apartments for sale.
- Floors 1 – 6: Studios, one beds and two beds.
- Floor 7: Three x two-bed penthouses.
Fixtures, finishes & upgrades
Apartments come with standard finishes.
Two colour themes will be available to choose from.
Furniture packs will be available at an extra cost.
Upgrade Packs will be available at an extra cost.
- Bathroom vanity
- Integrated Dishwasher
- Joinery Elements such as integrated couch and shelving
- Integrated desk
- Air – Conditioning
- Double Glazing
- Kitchen extractor
- Wall paneling
Amenities
- Smart access control with biometric and facial recognition
- Professional concierge service
- Ground floor lobby
- 24-hour on-site security
- Limited underground parking
- High-Speed Fibre Connectivity
- Bespoke furniture packs available
- Optional extras
- Double glazing
- Air-conditioning
- Upgraded finishes
Electricity and water meter
Each unit will have individual electricity and hot & cold water meters.
Security features
- Smart access control with biometric and facial recognition
- 24-hour on-site security
Is parking available?
- 11 parking bays will be available for sale
- Parking bays will be available on a first come, first serve basis
- Public transport is also available with a MyCiti stop within a few meters as well as Uber being easily accessible from the building
- Uber estimate costs:
- R54 – Cape Town Stadium
- R59 – Oranjezicht Market
- R65 – V&A Waterfront
- R85 – Lions Head Hiking Trail
- R77 – Table Mountain Aerial Cableway
- R60 – Clifton 4th Beach
- R225 – Cape Town International Airport
- R54 – Cape Town Stadium
What optional extras are available?
Various upgrade options exist including the following:
- Bathroom vanity
- Integrated Dishwasher
- Joinery Elements such as integrated couch and shelving
- Integrated desk
- Air – Conditioning
- Double Glazing
- Kitchen extractor
- Wall paneling
Furniture packs are available.
A guest-ready pack is also available that will ensure a unit is rental-ready.
Are there store rooms available?
There are 8 store rooms available in the basement of the building.
Air conditioning
Air conditioning is available as part of an upgrade pack.
Furniture packs
Furniture packs are available as an optional extra.
Rental scheme
- Buyers can choose to Short Term let/Long Term let their units as they wish.
- Propr has prepared a STL solution.
- Buyers are not required to make use of Propr for their STL services but it is recommended.
- Guest-ready packs are available at an additional cost and when purchased in conjunction with a furniture pack, a unit will be ready to be tenanted immediately.
Inverter and back up power
Inverters are not being offered as part of an upgrade pack but allowance for inverters will be made in the Unit DB’s for owner’s to install their own systems at their preferred time and brand.
Green building features
- Heat Pump Water Heating System
- SANS 10400XA compliant
High-speed Wi-Fi
- High-speed fibre connectivity ensures residents have super-fast internet in their apartments.
- This will be for the owner/residents account and the owner’s preferred ISP (Internet Service Provider) will need to be contacted to open/activate individual accounts.
Lift access
There is an elevator available in the building.
Pet Policy
Pets are allowed as per the BC rules.
RENTAL POLICY
Can I make use of external rental agencies for short-term rentals?
Yes. Propr has been appointed by Quorum to prepare a short-term rental proposal for the building though and it is recommended that buyers make use of their services. Buyers are however free to rent their units as preferred, with no restrictions in place apart from the Body Corporate and Management Rules.
Are furniture packs available?
Yes, packs are prepared by Lifestyle Lab.
Can I furnish the apartment myself and still use the rental services provided by the appointed operator?
Yes, there is however a furniture pack and guest-ready pack available but it is not required for either of these packs to be purchased to make use of Propr’s services. There will be a list of requirements that the unit needs to adhere to to be rented out by Propr. Please refer to the STL pack prepared by Propr.
INTERACTIVE SALES PLATFORM
How it works
- Sales launch online at 1pm on Wednesday, 30 October 2024 via the interactive price list: https://sales.ladybacks.co.za.
- Ahead of the sales launch you will be able to view and browse all the available units by visiting the user-friendly interactive price list.
- Here you can easily browse the available units and use the filters and sort function to narrow down your search.
- On each unit the layout, all costs and expected rentals are shown.
- Once sales go live you can reserve your preferred unit/s.
Your shortlist
Your shortlist acts as a wish list of units that you have quick access to ahead of and on the launch day. Simply click the ADD TO LIST button on your favourite units. You can also reserve your preferred unit directly from the Shortlist when sales go live.
Unlocking your R100,000 launch discount
To unlock your discount, simply click the green discount button below the price on any unit and follow the prompts to complete your Buyer Profile & unlock the discount on all units. Once completed, the discounted price will show on the price list.
Terms & Conditions apply.
The reservation process
All reservations will happen online via the interactive price list.
The below list outlines the steps you’ll need to be familiar with in order to have the best chance of securing the unit you want to purchase.
- Register and log in to https://sales.ladybacks.co.za.
- Once the countdown reaches zero and sales go live at 1pm, you will be able to Click the GREEN RESERVE button on your selected unit to start the process.
- Make sure to be quick as others may also be interested in the same unit.
- Complete the form and accept the terms: Click CONTINUE
- Your reservation will now move to the pending state where you will have 10 minutes to finalise the reservation.
- You will then pay your R10,000 reservation fee via the following methods:
- Visa or Mastercard
- Instant EFT via OZOW
- Masterpass
- Snapscan
- Once the R10,000 fee is concluded, your unit will be reserved!*
- You will then receive an email from our team confirming your reservation.
Next steps:
- The Agreement of Sale will be sent to you via email, this will need to be signed and returned to us within 3 business days.
- The full deposit required is 10% of the purchase price within 7 days from the signature date. The deposit is paid into the transferring attorney’s interest-bearing account and your money will earn interest for you.
- The balance (90%) will need to be secured within 21 days from the signature date by either a bond approval, bank guarantee, or cash.
- Alternatively, we will also accept a 30% non-refundable deposit with the balance payable 60 days prior to the transfer.
Benefits of purchasing on launch day
- R100,000 launch day discount.
- Best selection of units.
- Rare opportunity to own in Cape Town’s Foreshore, a prime location and with proximity to key amenities and tourist attractions.
GENERAL PURCHASE QUESTIONS
Finance options
Financed deals
- Minimum 10% deposit with the balance in the form of a bond approval
- Deposit to be paid within 7 days from receiving a signed agreement of sale.
- The deposit is paid into the transferring attorney’s interest-bearing account and your money will earn interest for you.
- The balance (90%) will need to be secured within 21 days with bond approval
Cash deals
-
- 30% non-refundable deposit with the balance payable to the transferring attorneys 60 calendar days from written request by the Conveyancer.
- Deposit to be paid within 7 days from receiving a signed agreement of sale.
- The deposit is paid into the transferring attorney’s interest-bearing account and your money will earn interest for you.
- 30% non-refundable deposit with the balance payable to the transferring attorneys 60 calendar days from written request by the Conveyancer.
What happens if my bond is not approved, do I get my deposit back?
Yes, the deal is subject to your bond being approved and should it not be approved the deposit is paid back to you with interest. If you are unsure if you can afford the bond it is a good idea to get pre-qualified prior to the launch as the R10,000 reservation fee is not refundable.
Once my bond is approved, when do I start paying?
Bond repayments will only commence after the development has been completed and once the transfer of the apartment you have purchased, has taken place.
Bond registration costs
Bond costs are payable at the time that the bond registers, once the development is complete.
Transfer duties
The Seller is registered for VAT so there will be no transfer duty but transfer costs (attorney fees) will be payable.
What are the transfer fees?
On a purchase price of R2,050 million, the transfer costs will be R42 241*.
To calculate the transfer costs you can click on the below link: https://www.betterbond.co.za/calculators/bond-and-transfer/
NB: Please select yes when it asks if the seller is registered for VAT.
*Please note these are subject to change
What do the levies include?
Levies are determined in terms of the sectional title and exclusive use area of the apartments. Levies are calculated at a standard rate to be determined.
They cover the costs of security, cleaning and upkeep of the common areas, maintenance of the building, building insurance and all running – and management costs.
Rates
Monthly rates are based on the value of the property and are calculated based on the value of the property and then multiplied by 0.006631 to get your yearly rates. Divide this by 12 to get your monthly rates.
Example:
(R2,050 million property)
Rates = ((Municipal Value – Rebate*) x 0.006631) ÷ 12 = Monthly Rates
*Rebate only applied to units less than R5 mil
((R2,050,000-450000)*0.006631)/12
This equates to R884 per month
Are there any hidden costs?
No hidden costs. VAT inclusive, no transfer duty. Rates, taxes and CID will apply.
The contract price is the price the client will pay for the property. You must be aware that there is occupational interest due from the date you take occupation until you take ownership (transfer takes place).
The other costs applicable are detailed above and include monthly rates and levies. Bond costs will be payable prior to registration of your bond once you take transfer of your unit. Transfer costs at this point will also be applicable but these costs are largely offset by the interest that you earn on your deposit during the construction period.
When will we be able to move in/ find a tenant?
After the completion of the development, the transfer process will commence. Occupation will be given as soon as an occupation certificate is granted. You will be able to occupy or rent out your apartment from the date of occupation.
Buying off-plan property in Cape Town
- Cape Town sees an average annual capital growth of 7%, so your property value is growing at roughly 7% pa but you are only required to put down 10% of the development value.
- This means you are getting growth on the full purchase price of the property and only have to put down a fraction of the price.
- Your tenant is largely paying off your investment property & bond for you.
- Your rental income increases every year but bond repayments generally stay the same and in relation to yearly salary and incomes inflating, the bond repayments become relatively cheaper every year.
- There is high demand for secure luxury property in Cape Town’s City Centre and Atlantic Seaboard, resulting in a secure long-term investment.
- The longer it takes to enter the property market the harder it becomes.
- Property investment is likely to create long-term sustainable wealth and an ever-increasing annuity income.
TAX INCENTIVES
Section 13Sex Tax Incentive
Investors have access to powerful tax incentives, including the popular Section 13sex of the Income Tax Act No 58 of 1962. This scheme enables any taxpayer who owns five or more new, residential rental units (do not all have to be from the same development), to claim up to 55% of the purchase price as a tax deduction.
Example:
- Purchase five units at a total purchase price of R19 868 075
- Minus the launch discount = R1 000 000 (R200 000 per unit, if purchased on launch)
- Final purchase price = R18 868 075
- Deemed purchase price = R10 377 441 (55% of final purchase price)
- 5% of the deemed price may be used as a tax deduction per year
This works out to a tax deduction (tax write-off) of R518 872 per year for 20 years.
Total tax write-off = R10 377 441 (over 20 years).
Taxpayer criteria for Section 13Sex
- The taxpayer must own at least 5 residential units. The deal kicks in once the buyer takes ownership of their 5th new unit. A residential unit refers to a building or self-contained apartment, mainly used for residential accommodation with the exclusion of structures used for business purposes, for example, hotels.
- All units must be situated in South Africa.
- Residential units must have been purchased new and unused. (For example, buyers of flats that had previously been occupied would not qualify for this incentive.)
- The units must be used solely for the purpose of trade (i.e. residential letting). This prevents housing claims for personal use.
- Please consult your tax advisor for further clarification and information.