Developers
Prospekt Consulting is a leading property development company founded by Chris Heunis, specialising in creating exceptional living spaces throughout South Africa. With expertise in project management and financial modelling, they deliver functional and profitable properties.
Transferring Attorney
Sandré Marais Incorporated
Bond Originator
ooba
Address
17 New Street, Durbanville
Key Nearby Locations
- The Village Square 500m
- Durbanville Tennis Club 450m
- Woolworths Food 500m
Nearby Restaurants and Bars
- Tigers Milk Village Square 500m
- Chocolat Bistro 550m
- Bootlegger Coffee Company 500m
- The Creamery 500m
- Sorbet Beauty Salon 500m
- Kapstadt Brauhaus Durbanville 1km
- The Hassar Grill Durbanville 500m
- Lupa Osteria Durbanville 500m
- The Pink House by Knead 500m
Estimated Completion Date
The Brentwood is estimated to be completed at the end of Q3 2024.
Parking
One parking bay allocated for sole use per apartment.
Sales Launch Date
Sales go live Wednesday, 22 November 2023 at 1pm.
The interactive price list
- Ahead of the sales launch you will be able to view and browse all the available units by visiting the user-friendly interactive price list
- Here you can easily browse the available units and use the filters and sort function to narrow down your search.
- On each unit the layout, all costs and expected rentals are shown.
- Once sales go live on the 22 November 2023, you can reserve your preferred unit/s.
Your shortlist
Simply click the ADD TO LIST button on your favourite units. You can also reserve your preferred unit directly from the Shortlist.
Securing a unit
- All reservations will happen online via the interactive price list.
- Register prior to launch and log in to sales.thebrentwood.co.za before 1pm on launch day.
- At 1pm on Wednesday 22nd of November when the countdown reaches zero, sales will go live and a green reserve button will appear.
- You will be able to secure your preferred unit/s by pressing the green reserve button, following the steps and paying the R5000 reservation deposit.
- You will then receive an email from our team with the Agreement of Sale for you to sign and return to us within 48 hours.
Please note:
- There is a possibility of load-shedding during the sales launch and therefore, we urge you to make provisions for this and to make sure you have access to reliable Wi-Fi at 1pm.
- Whilst we have put everything in place to prevent double bookings, sometimes these do happen. So in the unlikely event that the unit you have reserved was also reserved by another buyer, then the unit will be allocated to the buyer who paid their reservation deposit first (this is recorded by timestamp).
- Should the second buyer not find a suitable replacement the reservation deposit will be refunded. We apologise for any inconvenience this may cause.
The R100 000 Launch Discount
Buyers who secure a unit/s on launch via the online platform will receive R100,000 off the purchase price. Terms & Conditions apply.
Activating your discount
To activate your discount, simply click the green discount button below the price on any unit and follow the prompts to complete your Buyer Profile & unlock the discount on all units. Once completed, the discounted price will show on the price list.
The reservation process
All reservations will happen online via the interactive price list.
The below list outlines the steps you’ll need to be familiar with in order to have the best chance of securing the unit you want to purchase.
- Register and log in to sales.thebrentwood.co.za
- Once the countdown reaches zero and sales go live at 1pm, you will be able to Click the RESERVE button on your selected unit to start the process.
- Make sure to be quick as others may also be interested in the same unit.
- Complete the form and accept the terms: Click CONTINUE
- Your reservation will now move to the pending state where you have 10 minutes to make payment of the R5000 reservation deposit.
- You may then pay your R5000 reservation deposit via the following methods:
– Visa or Mastercard
– Instant EFT via OZOW
– Masterpass
– Snapscan - Once the R5000 deposit is concluded, your unit will be reserved!*
- You will then receive an email from our team confirming your reservation.
Next steps:
- The Agreement of Sale will be sent to you via email, this will need to be signed and returned to us within 48 hours from receiving it.
- The full deposit required is 5% of the purchase price within 7 days of purchasing the unit.
- The balance (95%) will need to be secured within 21 days by either a bond approval, bank guarantee, or cash.
- Alternatively, we will also accept a 30% deposit with the balance payable 60 days prior to the transfer.
- Should you be paying for the unit in cash, you can also opt for a non-refundable 30% deposit, in which case the balance only needs to be secured two months prior to transfer and completion of the development.
Does the deposit earn me interest?
The deposit is paid into the transferring attorney’s interest-bearing account and your money will earn interest for you.
Benefits of purchasing on launch
- R100 000 launch day discount
- Best selection of units
- Capital appreciation for 2 years is estimated at 14% (7% pa) while the development is under construction
Buying off-plan property in Cape Town
- Cape Town sees an average annual capital growth of 7%, so your property value is growing at roughly 7% pa but you are only required to put down 5% of the development value. This means you are getting growth on the full purchase price of the property and only have to put down a fraction of the price.
- Your tenant is largely paying off your investment property & bond for you.
- Your rental income increases every year but bond repayments generally stay the same and in relation to yearly salary and incomes inflating, the bond repayments become relatively cheaper every year.
- The longer it takes to enter the property market the harder it becomes.
- Property investment is likely to create long-term sustainable wealth and an ever increasing annuity income.
Bond pre-qualification and pre-approval
This can be done online by using the ooba pre-approval. It is a quick process to estimate the approximate amount you could qualify for. This is however NOT a bond approval.
What happens if my bond is not approved, do I get my deposit back?
Yes, the deal is subject to your bond being approved and should it not be approved the deposit is paid back to you with interest. If you are unsure if you can afford the bond it is a good idea to get pre-qualified prior to the launch.
Once my bond is approved, when do I start paying?
Bond repayments will commence once the property has been transferred to your name and the bank has settled the payment to the seller.
Bond registration costs
Bond costs are payable at the time that the bond registers, once the development is complete.
Transfer duties
There is no transfer duty payable but there are transfer fees (attorney costs).
The seller is registered for VAT so there will be no transfer duty but only transfer costs payable.
What do the levies include?
They cover the costs of security, cleaning & landscaping of the common areas, maintenance of the building, building insurance and all running costs and management costs and insurance of the building.
Rates
Monthly rates are based on the value of the property and are calculated based on the value of the property less R300 000 and then multiplied by 0.006344 to get your yearly rates. Divide this by 12 to get your monthly rates.
Example:
(R2 Million Property)
=(R2 000 000 – 300 000)* 0.006344 = R10 785 per annum
This equates to R899 per month
Are there any hidden costs?
The contract price is the price the client will pay for the property. You must be aware that there is occupational interest due from the date you take occupation until you take ownership (transfer takes place).
The other costs applicable are detailed above and include monthly rates and levies. Bond costs will be payable prior to registration of your bond once you take transfer of your unit. Transfer costs at this point will also be applicable but these costs are largely offset by the interest that you earn on your deposit during the construction period.
When will we be able to move in/find a tenant?
After the completion of the development, the transfer process will commence. Occupation will be given as soon as an occupation certificate is granted. You will be able to occupy or rent out your apartment from the date of occupation.
Section 13Sex Tax Incentive
Investors have access to powerful tax incentives, including the popular Section 13sex of the Income Tax Act No 58 of 1962. This scheme enables any taxpayer who owns five or more new, residential rental units, to claim up to 55% of the purchase price as a tax deduction.
Example
- Total purchase price = R9 013 000
- Deemed purchase price = R4 957 150 (55% of final purchase price)
- 5% of the deemed price may be used as a tax deduction every year.
- This works out to a tax deduction (tax write-off) of R247 857 per year for 20 years.
- Total tax write-off = R4 957 150 (over 20 years).
Taxpayer Criteria for Section 13Sex:
- The taxpayer must own at least 5 residential units. The deal kicks in once the buyer takes ownership of their 5th new unit. A residential unit refers to a building or self-contained apartment, mainly used for residential accommodation with the exclusion of structures used for business purposes, for example, hotels.
- All units must be situated in South Africa.
- Residential units must have been purchased new and unused. (For example, buyers of flats that had previously been occupied would not qualify for this incentive.)
- The units must be used solely for the purpose of trade (i.e. residential letting). This prevents housing claims for personal use.
- Please consult your tax advisor for further clarification and information.
Pre-paid electricity
Each unit will have an independent electricity meter.
Water supply
Water will be paid in arrears and will be billed and metered on specific unit usage.
Rental policy
Short-term rental friendly.
Security features
The steel vehicle gates are fitted with biometric access and Phone-to-Gate remote control. On the development perimeter, 6-Strand Electric fence fitted to top of all complex perimeter walls, fences and gates where applicable.
Air-conditioning
This can be added as an optional extra.
Backup power solutions
Optional upgrade.
High-speed Wi-Fi
Fibre point to each apartment.
Pet Policy
Pets allowed pending body corporate approval.
Development Expert
Andre Burger
+27 63 721 5654
brentwood@revo.co.za
