The Western Cape Government, led by the City of Cape Town, is the first province in the country that has published an Inclusionary Housing Policy Framework to facilitate affordable housing in high-valued areas. Leading this innovation is Tutili Place, one of the first inclusionary housing developments in Cape Town.
Tutili Place has been launched in Diep River, located in the high-demand Southern Suburbs/Constantiaberg area of Cape Town. The development is supported by Ndifuna Ukwazi, an activist organisation which promotes land justice and access to well-located land and affordable housing.
James Lewis, managing director for Seeff Southern Suburbs says Tutili Place is an innovative mixed-use development with 71 apartments of which 83% (59) are inclusionary units. It is the brainchild of leading developer IT71 and marketed by Seeff Southern Suburbs together with Linomatha Properties.
The development offers a choice of studio and one-bedroomed apartments, all with modern interiors and some with balconies. There are also parking bays for residents and visitors, all in a secure complex. Added to this is a range of on-site amenities such as a grocery store, restaurant, laundromat, Internet café, and a hair and nail salon. There is also a green garden space and drying yard.
The suburb of Diep River is a small hidden gem bordered by Plumstead, Heathfield and The Vines. Chad Belcher, an intern agent with Seeff says Tutili Place offers excellent proximity to the Diep River Station and amenities in the suburb as well as Main Road, and access to schools and the beaches of False Bay.
He says further that apartment living in the area is in great demand and aside from own-use buyers, Tutili Place is also a great choice for investors. Seeff expects that it will be in demand for rental units and could rent out at around R6 000 to R7 500.
The lock-up-and-go lifestyle is in high demand which makes the units ideal for first-time buyers and professionals, but also for buyers looking to downscale to the convenience of secure living with minimal maintenance since the exterior and grounds would be managed by the Body Corporate.
The development is selling off-plan and is bank-approved with mortgage loans available, adds Mr Belcher. The development is exceptionally well priced, ranging from just R694 000 for a studio unit and R830 000 for a one-bedroomed apartment.
This includes VAT and there is no transfer duty payable which is a huge benefit for buyers and investors. The levies are also low at between R500 to just over R900 depending on the unit purchased.
Mr Belcher says further that Diep River is an excellent investment and Lightstone shows that property continues to appreciate in value. Almost a third of recent buyers are under 35 years of age with a further 48% under 49 years of age.
The local property market enjoyed one of the most robust phases over the last year with total transfers well ahead of the pre-pandemic period and close to that of the last mini-boom in 2015/6. This affirms the area as a good investment, and we expect high demand for the apartments, he concludes.
Visit the Tutili Place webite for more information, photos and videos.