In the area 2 Magaliesburg
Rural Magaliesburg is set to benefit from several residential developments that are awaiting services before construction starts.
The tiny town, conveniently located on the main route between Randfontein and burgeoning Rustenburg, is likely to draw buyers who currently work in and around Rustenburg but commute from Randfontein because of housing stock shortages, says Sienie van der Merwe, owner of the Aida Magaliesburg franchise.
The planned residential developments will boost the local property market, which is currently somewhat in the doldrums following uncertainty about wide-ranging State contracts to buy agricultural land surrounding the town for land redistribution.
Several contracts have been signed with the State in the past 18 months, but the process has now stalled. Lack of money to pay the landowners has been given as the reason and has left scores of owners uncertain about their future. Contracts for land totalling more than 2000ha in the Magaliesburg area have been signed, she says.
Construction of seven new developments, however, will add around 200 residential units to the tiny hamlet, which currently offers less than 20 full-title homes. New units will include clusters as well as full-title units, says Van der Merwe. Services such as water, electricity and sewerage are currently being installed.
Units are expected to become available in the course of next year and we expect strong demand.
These developments will not only offer a convenient base for commuters who work at the mines and related industries near Rustenburg, but because Magaliesburg already draws a fair number of weekend visitors due to its peaceful rural setting, we expect that units will also be popular among lifestyle buyers.
The towns tourism industry was boosted by exposure gained through hosting the Portuguese soccer team during the World Cup, she adds. Several hotels in the area are set to benefit from this exposure.
Local commercial enterprises are gearing up for the expected influx of new residents and a local supermarket is already in the process of upgrading and extending its premises.
Magaliesburg is situated about 15 minutes drive from Randfontein and about 30 minutes from Rustenburg.
Article by: www.aida.co.za