Crystal Park Sales Escalating
Category News
Crystal Park Sales Escalating
CRYSTAL Park, an affordable housing suburb under development in Johannesburg, was demonstrating the demand for sustainable, middle-income accommodation among South Africans with phase one to be virtually completed by March.
Situated in Benoni, the housing estate is a keynote development providing the sought-after residential area with a much-needed housing solution. It consists of a wide range of sites from 300m2 to 714m2.
It is also the inaugural project of Acutts Motlekar, a joint venture between the Acutts Property Group and African investment holding company Motlekar Holdings, in conjunction with construction company Group Five as the building contractor and development manager.
The innovative initiative aims to bring 18000 housing units to the market each year, conservatively translating into a R5 billion injection to the local economy with spin-offs and job creation expected in land surveying, architecture, building and construction, material delivery and administration.
Currently the initiative has the capacity to deliver 100 houses a day, a mobilisation that will also promote employment in the selling, mortgage origination and property transfer value chain.
The properties are geared to first-time buyers and middle-income earners, typically households earning R13500 to R25500 monthly to secure bonds between R450000 and R850000 and the new suburbs will correspond with the government's proposed economic zone requirements for newly-establishing commercial centres.
Acutts chairman Pat Acutt says Crystal Park phase one includes 300 units of which 193 houses have been completed with another 100 due by March. The entire development will eventually house 4200 homes.
"The first owners are upgrading their properties - landscaping their gardens, building boundary walls, installing electronic gates and erecting carports or garages. There is a sense of neighbourhood developing with residents expressing bonds of friendship among each other," he says.
Residents have also established a local community policing forum, reflecting pride and kinship, while the developers received enquiries from the website www.acuttsmotlekar.co.za and via friends visiting new residents.
However, Acutts warns potential homeowners to be aware of their credit rating, since the group had also experienced applicants being rejected for debt black listing.
"Having a good credit rating is vital, particularly when applying for a bond. If potential homeowners have been black listed for unpaid debts, they are unlikely to secure further debt or loans - and that includes mortgages," he says.
Acutt says being black listed covers circumstances where a person was in arrears on an account to having a judgement against them with credit providers taking the view that anyone who had shown an unwillingness to honour their debts previously was unlikely to change in the future.
"What is critical to understand is the financial situation as black listed person. Even if you have paid off the debts, the negative listing remains on your record for two to five years, " he says.
Acutt also advices potential homeowners to save towards a deposit on their home as demonstrating a commitment to saving reflects in their favour when the bank considers its options.
"The greater the cash portion or deposit provided on a purchase, the lower the bank's risk and thus the more favourably they will view the application. It could also affect the interest rate offered on that bond repayment," he says.
Acutt says when budgeting towards homeownership, first-time buyers should realise the costs extended beyond only the monthly bond repayments. Auxiliary costs on purchasing include transfer duty fees, bond costs, legal fees and moving costs. Thereafter come the monthly rates and insurance or a homeowner's levy if living in a sectional title project.
Captions:
145745: Mrs Sibande is a proud owner of a house in Crystal Park. She is clearing the garden ready to plant grass.
141741: The owner of this property takes great pride in his new home
93745: Newly completed houses in Crystal Park, which is an affordable housing suburb under development in Johannesburg. Phase one will be completed by the end of March 2014.
93834 The owner of the house in the foreground has started to extend the house he built, adding on a double garage.
Prepared and distributed on behalf of Acutts (Pty) Ltd
For more information contact: Bertus Viljoen 0834158812 bertusviljoen@acutts.co.za
Distributed by Shirley Williams Communications.
For more information contact Shirley on 083 303 1663 or shirley@swcommunications.co.za
Author: Distributed by Shirley Williams Communications.