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Residential sales at Century City top R855m this year

24 August 2015

An artist’s impression of Manhattan Quarter, the latest residential development to be released at Century City, 
and where 52 of the 63 units were sold ahead of a marketing campaign being undertaken.
This development offers exceptional value for money at around R20 000 per square metre.

Residential sales totalling more than R855m have been notched up at Century City by the Rabie Property Group for the financial year ending June 30 2015.

Of these sales, over R620m were achieved by Property World, the on-site agents for the Rabie group. New development sales accounted for the bulk of this with 244 units being sold for a total of just over R450m giving an average selling price of R1,85million.

In addition 84 resales totalling around R170m were finalised by Property World during this period.

Brian Usher of Property World said the sales for the past financial year were more than 50% ahead of forecast due to a number of additional  new developments being bought to the market earlier than originally envisaged to meet the unexpected surging demand.

He said 52 of the 63 units in their latest residential property project, Manhattan Quarter, had been snapped up by purchasers for a total of R117m before they had even marketed the project and released it to the general public.

“Our last two property launches sold out within 45 minutes in a buying frenzy and many would-be purchasers were left empty handed. We offered these disappointed clients the first opportunity before opening it to the broader public.”

The Rabie Group is also a joint venture partner with the Harries Projects Consortium developing the Oasis Luxury Retirement Resort at Century City where a further 59 apartments totalling R238,5m have been sold so far this financial year.

Of these, 32 were new sales in Palme d’Or – the fourth block of luxury apartments – totalling almost R155m and nine sales totalling  R33,5m were in the third block, Palm Royale. There were also 16 resales totalling R50m during this reporting period.

John Chapman, a director of Rabie, says surprisingly further strong sales have been notched up during July when there was normally a seasonal lull in sales. He said since July 1 Property World had sold four new development units for a total of R6,67m and 10 resales for a total of R19million while Oasis had achieved three new development sales totalling R12,75m and two resales totalling R6,15m with additional deals in the offing.

For further details regarding Property World contact Brian Usher on 0825717024. For Oasis enquiries  contact Cindy, Lorenda or Linda on 021 2500592.