“EDEN ON THE BAY” NOTCHING UP FAST SALES AND MAKING GOOD PROGRESS

Progress on the R500 million mixed use development “Eden on the Bay”, the jewel in the crown at Jonga Entabeni’s R3 billion Big Bay Beach Estate at Big Bay, on the Cape West Coast, has been impressive, says Richard Thomas, the new Divisional Director of Nedbank Corporate Property Finance (Cape), who visited the site for the first time recently.

“About 35% of the work is now complete,” said Thomas, “and the project is on track for a final completion by the end of March 2009.”

Nedbank is the financier of “Eden on the Bay”, the developers being Mvelaprop and Asrin, with Asrin also responsible for the construction work.

“Eden on the Bay” will consist of two parking basements capable of taking almost 1 000 vehicles, 7 500m2 of retail and office space and 179 apartments.

The office space is divided between seven conventional offices and 13 large studio offices, while the retail space, under the current allocation is allocated to almost 60 outlets. The largest of these will be a 1 500m2 Pick ‘n Pay Family franchise owned and run by Dave Braun and a similarly sized Mandela Restaurant and museum in a separate Icon building.

Shops, offices and apartments will all cluster round “human-scale” paved, wind-free courtyards with fountains and all will have direct access to the lawned communal area and the beach.

Over 90% of the retail space has now been signed for and over 80% of the apartments have been sold. The apartments still available have floor areas from 52 to 104m2 and are priced from R1 220 000 to R3 720 000.

Apartment owners will be able to pool their units for specified periods into a rental scheme run by an international hotel group with extensive experience in this field.

Anton Chait, a Mvelaprop director, has said that at the height of the holiday season it is likely that many upper end apartments will command rentals of R2 000 per day.

Many of the apartments will enjoy the postcard view of Table Mountain across Table Bay while others will look onto the lively courtyards with their cosmopolitan lifestyle.

Thomas said that his visit to the 24 000m2 site had shown that the City Council’s strict design rulings would prove highly beneficial to this project: all buildings will conform to a low-rise West Coast fishing village style which makes extensive use of rough plastered walls, Strandveld chimneys, shutters, balconies and paved pedestrian precincts. (The cars will be very effectively kept out of sight, said Thomas.)

Asrin’s construction contract is being handled on an accelerated programme, the aim of which is to hand over the first phase of the residential units by October and to have the new Pick ‘n Pay ready for its launch in November.

Shiraz Onia, Marketing and Sales Director of Asrin, said that Asrin had coped exceptionally well with the very difficult below ground work and is now in a good position to tackle the phased handovers that will follow. Onia said that one of the satisfying aspects of the project so far has been the enthusiastic response to the retail space offerings. Here, he said, the developers had been able to select a very attractive tenant mix in which there will be a high preponderance of bistros, coffee shops and restaurants.

Already completed by Jonga at Big Bay are the new lifesavers’ buildings and City Police offices, both architect designed, and now widely praised for introducing a new level of sophistication to Big Bay.

In addition to the sale of the Eden on the Bay site, Jonga have sold nine apartment block sites and one office block site to independent developers who will bring on stream some 500 residential units within a time span of 36 months.

For further information contact the Big Bay Beach Estate sales team on 021 554 0033.

Articlre by: Nedbank Corporate Finance