The Sibaya precinct is undergoing major development and demand for apartments in the New Coral Point development has been unprecedented.
Situated towards Umdloti on the KwaZulu-Natal North Coast, the new Sibaya precinct has rapidly become entrenched as the region’s property ‘hotspot’ – a monniker it is likely to hold for at least the next 10 to 15 years.
Prime residential nodes are already rising from the ground in this secured precinct with well-run retail and office components - all enjoying coastal forest and elevated sea views.
Within Sibaya, the new Signature Estate has set the benchmark for luxury property and is expected to become the crème-de-la-crème of coastal estate living in the province. The estate comprises only 45 exclusive stands in a prime residential security estate and 1 000 to 2 000sqm sites have sold through Pam Golding Properties for between R4.95 million and R10.5 million. Prices of completed homes are expected to start at around R15 million.
Two apartments complexes, Ocean Dunes and more recently, Pebble Beach, have also launched and sold out at between R30 000 and R40 000 per square metre, with construction also under way.
Now, adjacent to Signature, a new sectional title apartment complex called Coral Point is launching, positioned just north of Pebble Beach and adjoining the coastal forest, with striking sea views.
Buyers just can’t wait to snap up these apartments, says Carol Reynolds, Pam Golding Properties area principal for Durban Coastal: “We already have an unprecedented waiting list of about 1 000 buyers all wanting to convert their reservations into acquisitions. Offering good value, this is one of the last developments on the seafront side of Sibaya. We have had an overwhelming response from all sectors of the market with investors, retirees, first time buyers and Johannesburg clients seeking holiday apartments.
“As this development will also allow short-term letting, we were not surprised by the strong demand from the investment market. The bulk of the buyers wanting to reserve units are local, as well as from Gauteng and KZN inland areas such as Pietermaritzburg.”
With studios, one, two and three bedroom apartments varying in size from 45 to 138sqm, prices in Coral Point start at R1.295 million and range up to R4.65 million.
“Designed as an arc-shaped development, five-storey Coral Point comprises 152 apartments in total, most of which enjoy panoramic views of forest and ocean, all with secure parking. The location is prime as it is situated above the forest reserve at the highest sea-facing point of Sibaya, linked to the beach via wooden walkways where owners can meander through the protected forested area down to the beach at Umdloti.
“Sibaya is without question the hottest property node at the moment. Its position cannot be beaten – being between uMhlanga and Umdloti makes it highly desirable and accessible. It is far more convenient than further outlying areas like Ballito, hence the huge demand.
“And Coral Point also offers the best value in the Sibaya precinct right now, with prices starting below R35 000 per square metre, which is good value for such a prestigious location. With FWJK as developer and architect, who have an excellent track record for quality, upmarket property developments both locally and in other key nodes such as Cape Town, coupled with the high desirability of Sibaya, we expected a very positive uptake from the market place.”
Construction is commencing immediately, with completion for the end of 2018. The development includes a clubhouse for residents to utilise for social activities as well as a communal swimming pool, gym, crèche and laundry.
Adds Reynolds: “Residents in Coral Point automatically enjoy membership of Sibaya precinct which not only affords access to the wooden walkways and forest reserve, it means you are part of the Sibaya community, with excellent ongoing security and maintenance within a precinct managed by Tongaat Hulett.