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| Strong Sales Confirm Demand for Secure Golf Residential Estate in PE |
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Phase one of the Wedgewood Golf and Country Estate sold out within weeks of being released and sales of phase two are selling at an equally fast
Phase one of the Wedgewood Golf and Country Estate sold out within weeks of being released and sales of phase two are selling at an equally fast, confirming the strong demand for the secure residential and retirement golf estate in Port Elizabeth, according to the developers Pinnacle Point Holdings (PPH).
“We have local, upcountry and overseas buyers who are attracted to living on a championship golf course in a beautiful setting, where three generations of the same family - grandparents, their children and grandchildren - can enjoy the convenience, comfort and peace of mind, offered by the estate”, said PPH CEO, Ashley Stone.
Stands range in price from R565 000 to R1,4 million and according to Stone investors have seen on average a 30% increase in the value of their properties over the original purchase price. The first “sod” was turned in May this year and completion of services is scheduled for the beginning of 2008, after which owners can start building their homes.
State of the art 24-hour security and an on-site shopping village with boutiques, cafés and restaurants are strong selling points. Younger buyers and families are also attracted by the range of sporting activities, including tennis courts, gymnasium and a swimming pool, whilst buyers of the stands at the adjacent retirement village are drawn to the estate by the excellent medical and health care facilities and daily bus service into town.
The R25 million course upgrade is the responsibility of respected golf course design specialists, Golf Data, who will significantly redesign and improve the existing Bob Grimsdell course to be on a par with the country's finest.
Landscapers are currently clearing alien vegetation and 3 000 indigenous trees are being planted to protect underground water sources. At the same time five large lakes are being constructed, which will not only enhance the ambiance of the residential area, but also help to keep the water table stable and assist with drainage and harnessing storm water.
In keeping with PPH’s environmental commitment, treated effluent water will be used to irrigate the tees, greens and fairways and a return drainage system will allow the course to re-use much of the run-off and seepage water from the course.
Designer Sean Quinn of Golf Data says his team is also cutting a swathe through the existing blue gum forest to release more water. “The whole course design is being handled with maximum attention to environmental care and we are naturally complying fully with the Record of Decision (ROD) which states that existing underground water courses must be protected” he said.
After the Coega Industrial Development Zone, the PPH R1,2 billion Wedgewood development is the second largest investment in Port Elizabeth, which is experiencing an economic boom supported by the recent announcement of a R116-million upgrade to the PE beachfront and construction of a five-star hotel.
Nationally the PPH group has achieved in excess to R2bn worth of sales in the past three years including their award-winning Pinnacle Point Beach and Golf Resort on the Garden Route, Clarens Golf and Trout Estate in the Free State highlands and Romansbaai Beach and Fynbos Estate near Gansbaai in the Western Cape. In June PPH won a tender from the Seychelles Government to develop the world's most exclusive golf and lifestyle estate, Île Aurore Nouvelle, on a small island off Mahé, in the Indian Ocean watersport paradise.
Last year Pinnacle Point Holdings purchased the historic Wedgewood Golf club, which has seen the likes of Gary Player, Lee Trevino, Ernie Els and Seve Ballesteros playing its fairways.
Alongside the 18-hole course, 485 spacious golf course plots for residential development have been designed to enhance suburban community living, where children play in the streets and parents interact with their neighbours.
The adjacent retirement village, which is being developed in partnership with Devmark Property Group, consists of 307 free-hold retirement homes supported by state of the art health-care facilities, which will include frail care and a stabilisation unit.
Amongst the benefits offered are daily deliveries of bread and milk and a local shopping village with boutiques, restaurants and cafés. “We're taking owners back to a departed era where they can live and shop within the same neighbourhood and enjoy the convenience of home deliveries”, said Stone.
Apart from its internal self-sufficiency, Wedgewood Golf and Country Estate is conveniently situated near major amenities including the Greenacres shopping centre, churches, schools, hospitals, beaches and a small airport.
The development includes a strong local BEE component with a 26% shareholding. The BEE consortium is led by Chairman Weza Moss and local entrepreneur, Urmila Soni.
| Press Release Pinnacle Point Holdings, 10-10-2007 |
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