Iron ore boosts Kalahari town
Expanded iron ore mining activity near Kathu has boosted this Kalahari towns property market.
Demand for rental property is sky-high, says Riekie Terblanche of the Aida Kalahari franchises local Kathu office. Rentals have, however, come down from the exceedingly high levels of last year when the mining houses paid up to R36 000 a month to house top professionals who were involved in commissioning the new open cast mines.
The focus has now shifted to rental accommodation for mineworkers and three-bedroom family homes are realising rentals of between R3500 and R4500 a month. Top quality furnished homes still realise around R11 000 among seconded staff at managerial level, who typically make use of the air shuttle service to spend weekends with their families.
She adds that rental demand has also stimulated upgrades and extensions. Many residents are turning outbuildings into cottages or building new cottages on their large stands. Rentals for these units range between R2500 and R3000 a month.
New developments on a larger scale are also starting to make an appearance. One of the larger developments, Khuduyane Estates, offers about 50 units on a plot-and-plan basis at R850 000 for the 140sqm units on stands of about 370sqm.
Aida Kalahari is currently marketing two smaller developments, namely AGS and Rooihout. A total of 17 full title stands are on offer in AGS at prices ranging between R219 000 and R335 000. Services have been installed on the site and the development will be enclosed by a 1,8m perimeter wall.
The Rooihout complex will consist of just 12 units and five are still available. Corner stands of about 500sqm each are on the market at R335 000 each and buyers can design their own homes, with the proviso that the architectural style matches the rest of the development.
The remaining units are being marketed at R890 000 which includes a 164sqm three-bedroom home with double facilities on a 473sqm stand. All homes in the development will be built with face brick and will feature wooden window frames and tiled roofs.
Terblanche says the towns new found prosperity has also prompted the development of a large shopping centre, Village Walk, that opened at the end of November. The complex houses some 70 retailers and, says Terblanche, commercial development on this scale is perhaps the best indication that Kathus future prospects are excellent.
Article from: www.aida.co.za