Isn’t Cape Town’s abundance of space what makes it so special? All the while being wrapped up in a big city, grid-style layout.

Sometimes, following international property trends is not the answer. Nonetheless, this just might be what those in the search of ‘location’ over ‘space’ might settle for.

As usual, BusinessTech has the goods:

The 1 on Albert development is being built by Dogon Group Properties in association with AJ Property Holdings in Woodstock, with prices aimed at below the R1 million mark.

However, the first set of apartments – which retail for R799,000 – have already sold out, with the R950,000 apartments also seeing massive demand, the developers said. Limited parking is also available for R250,000 a bay.

Behind the design is award winning architect Louis Karol, accompanied by “leading hotel room designer” Grant Gillis on interior:

[A]ll apartments feature top-end finishes and include SMEG appliances, flat screen smart TV’s and uncapped, unshaped 100megs/second fibre internet is available.

Kyk:

1 On Albert boats 133 units over seven floors, ranging from 21m2 studios to 70m2 two-bedroom apartments. The development will also play host to communal spaces including shops, a food court, laundromat and even a heated swimming pool.

Now for a welcomed explanation on Micro-living Apartments from Dogon:

Micro living units have been popular internationally for several years, and 1 On Albert is now following this trend in Cape Town.

It is aimed at those looking for location rather than square footage, who wish to be close to the city centre, close enough to walk, bike, or rely on public transportation.

As a result, the property is located on the MyCiti bus route, with a doorstep built for Uber. Yay.

The developers say that 1 On Albert is the first offering in a “collaborative partnership which has been designed to let the consumer buy their first home”.

They’ve even got Nedbank on board to offer flexible financing that includes:

[R]educed interest rates, discounted registration fees and flexible deposit options.

Want in? Well, entry level starts at R799 000 and includes the transfer duty, equating to a monthly bond instalment similar to, if not lower, than rental figures:

Those earning between R18,000 and R25,000 per month should qualify for finance through Nedbank.

The biggest available apartment is 70m2 in size and priced at R2 600 000:

It’s also well worth a mention that 1 On Albert offers some unique tax opportunities:

The Cape Town UDZ tax incentive is a SARS administered tax incentive encouraging residential and commercial development in certain specified areas in Cape Town, in which 1 On Albert will be located.

The tax incentive offers property owners a tax deduction against taxable income over eleven years and could act as a deferment of tax payable until the unit is sold.

I know, right? Here‘s the full price list.

[source:businesstech]