South Africa’s property market is beginning to show real signs of bouncing back. Certain areas such as Gauteng’s West Rand are performing particularly well and are being tipped as “places to watch.”
The West Rand encompasses Carletonville, Krugersdorp, Westonaria, Randfontein, Soweto, western Gauteng, the Magaliesberg and all the surrounding areas. The West Rand plays host to some of the region’s most beautiful scenery and natural features such as the Magaliesberg and Witwatersberg mountains, the Skeerpoort and Crocodile rivers, the Walter Sisulu Botanical Gardens, Hartbeespoort Dam and much lauded Cradle of Humankind.
According to local estate agents, property in the area, particularly Roodepoort, has shown excellent growth of late. Arguably part of the area’s appeal is that it offers a wide range of residential property types and prices. For instance, basic lock-up-and-go homes can be bought for as little as R350 000 and luxury pads in Featherbrooke Estate can sell for as much as R20-million.
Jewel in the crown
New residents are moving to the area in their droves despite the fact that a West Rand address typically entails a fair commute to central Johannesburg. Such is the spike in the area’s performance and potential for inflation-beating capital growth that the West Rand is being touted as the “undiscovered jewel in Gauteng’s crown”. Urban sprawl and the area’s close proximity to the as-yet un-tolled Krugersdorp highway can also be credited with fuelling demand.
Investors have also cottoned on to the area’s burgeoning potential and development is on the rise. New developments near Krugersdorp include Belenois, a retirement village located just above Silverstar Casino at the foothills of the Roodekrans Ridge, and Cradlestone Mall, a major 75 000m² shopping centre. A new Medicross and Curro Krugersdorp have set up shop, and Key West, a local Krugersdorp mall is being upgraded.
Major investment
One of the most notable developments to take shape in the area is Silverstar Casino, which is undergoing an overhaul in line with Tsogo Sun’s refurbishment plans that extend to Gold Reef City, Monte Casino and the Southern Sun Elangeni and Southern Sun North Beach hotels in Durban. Work on Silverstar, amounting to R480-million, is already well underway.
Silverstar is being redeveloped to resemble an open air village square surrounded by leisure and entertainment facilities. Once complete, it will boast six high-tech cinemas, an expanded and enhanced casino, a 12-lane bowling alley, six new restaurants, a large outdoor screen and a beer garden, laser games, a large outdoor domed events arena, an upmarket indoor multipurpose events venue and additional parking. The redevelopment is due to wrap up in September 2014.
Shane Collinson, Director of Operations & Complex GM of Silverstar explains that the complex is ideally positioned to take advantage of the West Rand’s burgeoning growth. “We are perfectly situated in the middle of two of Gauteng’s fastest-growing consumer markets – higher-middle income earners from the Roodepoort area and lower-middle income households from further west to Mogale City. Apart from these developments taking place for the benefit of our guests, we also hope that they will empower the community of the West Rand through job creation.”
Get an idea of what’s on offer in the West Rand: click here.
Get an idea of what’s on offer in the West Rand: click here.