On 20 February 2020, Blok launched its latest development, FOUR ON O. The new development concept, built on principles of compact, sustainable design and featuring Blok’s signature Raw finish, is nestled on Oliver and Lincoln Road in Sea Point; within walking distance of the promenade, restaurants and shops.
The 33-apartment development comes at an auspicious time: borne of an exciting opportunity created by sluggish market growth as well as the rise of platforms such as Airbnb, the apartments – starting from R1,925million – are attractive to those wanting to invest in the desirable Atlantic Seaboard area, formerly largely inaccessible due to cost.
Explains Jacques van Embden, Managing Director at Blok, “The modern owner-occupier increasingly prioritises work-life balance; young professionals want to be based near to their workplaces in the city, avoiding unnecessary time spent in traffic. They’re also getting married later in life, and having fewer children.
“As a result, there’s a new interest in ‘lock-up-and-go’ apartments in prime locations – a response to increasing urban density and crime – while the trend towards sustainability is thought to be driving a pedestrian- community.”
The development is also anticipated to appeal to those looking to leverage their investment through the rapidly-expanding short-stay letting market. Van Embden attributes the rise of the ‘Airbnb economy’ as a contributing factor in FOUR ON O’s appeal. “Airbnb generated an estimated R8,7 billion in South Africa between 2017 and 2018, reporting a 65% year on year growth.”
Yet currently, the buy-to-let sector of the property market only accounts for 10,6% of total sales. “There’s an exciting opportunity for savvy investors looking to leverage their investment through short-term rentals, and for owner-occupiers seeking to supplement their bond repayments via AirBnB when they travel.”
The contemporary raw finishes and space-efficient design have improved affordability for would-be investors and owner-occupiers. With prices that start from R1,925million for a studio apartment and R3,5million for a two-bedroom apartment – and with features that include a communal braai area and roof deck with a pool, private parking, high-speed internet connectivity and energy-efficient fixtures – FOUR ON O offers an attractive investment while not compromising yield.
“We’re excited to bring this development concept to a broader group of buyers, sharing our design philosophy and passion for community in answer to their evolving needs,” concludes van Embden.
Visit http://blok.co.za for more information and to register your interest in the development.
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