DEVELOPMENT: Cape Opportunities Now Abound
Recent Western Cape Business News
Although the residential property sector in the Greater Cape Town area is now officially out of its recession, developers are still struggling to get new projects financed and launched, says Heather Cape, Greeff Properties New Developments Sales Manager.
“The main difficulties,” she said, “are that buyers still battle to get bonds and the developers are still unable to get funds for new projects, even when a very high percentage of pre-sales have been achieved.”
Greeff Properties now has on its books several hectares of potential development property throughout the Cape Peninsula and further afield which are suitable for projects - but very few takers.
In many cases the land has come onto Greeff Properties’ books because the current developer/owner has been unable to go ahead. In some cases the rezoning and plan approvals are already in place and the owners may be open to joint venture proposals.
“Where landowners are going for an outright sale,” said Cape, “there is still a tendency to work on pre-2009 values. As a result, many of the property developments that Greeff would like to have handled have become too expensive for the present market.”
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