In Tokyo, young professionals looking to live close to or in the city have been forced to rent micro-apartments.

They’re tiny, but they’re cheaper than something larger than a wardrobe.

Smaller spaces in prime locations are trending in the property market worldwide, and the trend recently reached Cape Town.

We first spoke about the chances of a Woodstock development along these lines in 2017, and now development has started on the new 1 On Albert micro-apartments.

BussinessTech has the details:

Once completed the apartments will range in size from 21 square metre studios, at a cost of R985, 200, to 75 square metre two-bedroom units at a cost of up to R2.65 million – with no transfer duty.

Designed by award-winning architects Louis Karol, with apartment interiors designed by leading hotel room designer Grant Gillis, all apartments feature top-end finishes and include SMEG appliances, flat-screen smart TV’s, and uncapped/unshaped fibre internet is available.

The studio includes one bath and one lounge/bedroom, and the interior ranges from 21m² – 24m².

The one-bedroom apartment has one bedroom, a bathroom, and a lounge. Its size is roughly 39m² and it’s priced from R1 633 000.

So while you couldn’t (and shouldn’t) swing a cat in it, it’s all about location, according to the sales agent for Dogon Group properties.

“1 On Albert will also feature communal recreational spaces, shops, a food court, laundromat, heated swimming pool and more – all part of a new conceptual design in living known as integrated living solutions which incorporates all the elements needed for inner-city living without actually having to leave the building,” said Byron Kruger, sales agent for Dogon Group properties.

“Millennials are prepared to sacrifice space and purchase smaller meterage units if the location is right. They want to be close to the city centre, close enough to walk, bike, or rely on public transportation,” said Kruger.

It’s also located on the MyCiti bus route.

This development forms part of Woodstock’s gentrification “urban renewal” as many new exciting buildings and businesses force out long-time residents move into the area.

According to Byron, Woodstock is “hip and happening” right now.

You heard it here first, kids.

Construction on 1 On Albert is expected to be completed by December 2020.

[source:businesstech]