Bloem to get new student housing

Pressure on Bloemfontein’s student housing market will be relieved with a new development set to be built next to the university campus.

Riaan Malan of the local Aida franchise says only about 5000 of the 28 000 students at the University of the Free State can be accommodated in varsity residences. “That means that every year 23 000 students need accommodation, either at home in the city or in student housing, which represents a large percentage of our residential demand.

“Traditionally, students used to start looking for accommodation for the next academic year in November, but limited availability has seen prospective tenants putting their names on waiting lists earlier and earlier. This year we already had an extensive waiting list at the beginning of August.”

Malan says the planned Uniloft apartment development opposite the campus will hopefully go some way to relieving the pressure on demand. “The developers are now just waiting for final rezoning approval and intend to start construction early next year, with the expected occupation date being January 2011.”

He also says the developers are still negotiating final marketing prices in an effort to make units as affordable as possible, but that the 43sqm two-bedroom apartments are expected to be offered at prices between R600 000 and R700 000.

“And anything under R700 000 for such units represents excellent value in this market. Investors can expect rentals of up to R5000 a month if the units are let to two students.”

The 370 units will be marketed off-plan and will feature high security as well as services specifically tailored to student living, such as laundry and recreational facilities. All units will be fully furnished.

Malan adds that interested buyers and investors will be placed on a waiting list and will be contacted before the official launch of the development. “We expect that units will sell very quickly in view of the dire need for student accommodation in the city.”

Article from: www.aida.co.za