Landsdowne is proud to announce that they have been awarded the property management contact for Steyn City. We are honoured to be associated with such a prestigious development, boasting over 10 000 properties. This development is truly one of a kind comprising of over 900 hectares. Landsdowne will have a dedicated office situated at Steyn City. I am personally humbled by this incredible opportunity. - Jonathan Kohler CEO at Landsdowne Investment Properties
New Steyn City Fourways apartments & homes
It's only when you turn off William Nicol Drive in Fourways, Johannesburg, just beyond the Indaba Hotel, that you see the grand and imposing entrance to Steyn City. If you didn't know, you would never guess what lies alongside this well-travelled road.
For the outdoor sports enthusiast, running and cycle tracks, outdoor gym areas, a skate park for kids, 60km of off-road mountain bike tracks, fishing, tennis courts and outdoor swimming pools, should keep them actively engaged. The ambitious 2 000 acre project is Africa's largest residential property development to date and I was struck by the sheer enormity of the undertaking as I drove along the newly built double-laned, landscaped road lined with pedestrian paths and peppered with intriguing artwork like the sleeping Giant, which blends quite seamlessly into its natural setting.
Just to give some perspective, Steyn City is six times the size of Sandton City, four times the size of Monaco and two-and-half times that of Central Park in New York.
“There is no development on the continent that I know of, that compares in size and infrastructure to Steyn City," said Steyn City Properties CEO Giuseppe Plumari, speaking at the official launch of the resort yesterday. "This will allow residents to enjoy an unparalleled array of leisure activities and create a unique quality of life that has long been out of the reach of most South Africans, due to high walls, the need to commute and security concerns.”
Head of Marketing Tammy Menton described it as "the biggest urban playground you could ever wish for", setting a new benchmark for future developments in SA.
Plumari said huge inspiration was taken from the "the cities of old" and the vision was to create a lifestyle resort that puts community and pedestrian living first. Steyn City has been designed for people, not cars, with all amenities located within easy reach.
Following 8 years of planning and a multi-billion rand investment in Phase 1, which included the internal and external infrastructure and the completion of the first phase of apartments, clusters and freehold homes, Steyn City has at last launched it's offering to the public.
It certainly ticks many of the boxes when it comes to what home buyers and property investors in South Africa are typically looking for. More and more people nowadays are choosing to buy in gated estates and complexes, with security being at the top of their list along with the other desirable lifestyle benefits gated communities offer. In this department, Steyn City is set to exceed most buyers' expectations, with virtually every amenity and activity anyone could hope for.
For the outdoor sports enthusiast, running and cycle tracks, outdoor gym areas, a skate park for kids, 60km of off-road mountain bike tracks, fishing, tennis courts and outdoor swimming pools, should keep them actively engaged.
A Jack Nicklaus designed 18-hole golf course, pegged to become one of SA's top rated courses, is already established and will launch soon offering residents various membership options. Those who don't play also won't be expected to pay, which is often not the case for most golf estates where levies can be on the high side if you're not a golfer.
There is 1 000 acres of green belt and open parkland space including bridle paths and trails plus an equestrian centre. An upmarket health club with gym at the clubhouse will allow residents to work out while taking in the magnificently groomed golf course views below.
Continuing with the community living theme, a 15km promenade is being constructed, The Deli restaurant fronting onto the poolside with outstanding views is already open, as well as The Club at Steyn City Golf Course with pro shop. An already built Spar store will open soon to offer residents a convenient shopping destination.
Under construction, a City Centre will open in 2018 offering restaurants, retail and commercial space as well as 700 apartments and 2 000 parking bays. Construction on a medical facility and school will begin this year.
Parkland residences, apartments and stands
Steyn City has approval for up to 10 000 residences and all homes will front onto parkland on one side. The first phase of the development that launched this week saw the completion of 93 apartments and 19 clusters, with a further 45 clusters to be built off plan. Six show homes have also been completed and 220 freehold stands have been released onto the market.
For those who choose to build their own home, there is a range of architectural styles including contemporary, Thesen Island, Barnhouse and sandstone clad French Chateau.
The one, two and three bedroom apartments range from 74m2 to 149m2 and are priced from R1.65 million up to R3.9 million. An additional 25 ultra-luxury apartments will be sold off plan. Set for completion within the next 18 months, they will enjoy exclusive frontage over the 18th hole and the clubhouse of the Nicklaus Design golf course.
The R13.9 million apartments will have 350m2 of floor space, 100m2 to 120m2 patios and a 2m x 3m plunge pool. The interior design will be done by renowned interior designer Stephen Falcke and residents will have access to a large basement parking as well as lock-up, single-garage size self-storage units.
Cluster homes range in price from R6.2 million to R8.4 million and include mostly four bedroom options, with an average floor size of 350m2 on stands varying from 400m2 to 600m2. All have patios and all bedrooms are en suite and large enough to incorporate a king size bed. A village feel has been adopted with no boundary walls between residences. Instead, planting of trees that will grow up to six metres high, will provide natural screening and privacy, allowing each cluster to open onto a garden.
Freehold stands allow residents to choose their setting: lush parkland suburbs, alongside the golf course or exclusive river frontage. Stands start at R2.3 million and range in size from 800m2 to 1 300m2 to larger 4 000m2 fairway and river frontage stands in the region of R12 million to R16 million.
Rentals of one bedroom apartments will be around R10 000. As with any new development, there will be downward pressure on rental yields until an apartment block is fully occupied and rental yields are therefore conservatively estimated at between 6% to 8% in the first year.
The 'new north' of Joburg
Plumari said Steyn City has been a catalyst for the rapid growth of the Fourways node and the creation of the ‘new north’ of Johannesburg. Direct positive socio-economic benefits for the neighbouring disadvantaged communities of Diepsloot and Cosmo City have seen the creation of more than 11 500 jobs. The developers have engaged in a number of public/private partnerships with government including the construction of new roads (R511) contributing R300 million or a third of the cost, sewerage, water and other basic services.
Plumari says they are currently working with government to extend the William Nicol through to the N14 and are also partnering with government to upgrade Cedar Road that will feature two lanes on either side, from Fourways Life Hospital through to Steyn City Cedar Gatehouse.
Dr Andrew Golding, Chief Executive of Pam Golding Property Group which is jointly marketing the resort’s residential properties with Steyn City Properties, says this multi-billion rand project is a boom for the local economy and indicates just how much faith investors now have in the rapidly growing Gauteng residential development property market.
With property in estates predicted to rise faster in value in the coming years than freehold homes, given the greater demand for secure estate living, investors should feel comfortable that their investment will bring good future returns and a lifestyle to match. - Julia Hinton Editor at Property24.com