Hermanus beach estate rescue shows results | Fin24
 
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Hermanus beach estate rescue shows results

Mar 19 2014 17:54
Cape Town - In only four months, 37 plots with a total value of more than R28m have been registered or are in the process of being transfered at the beach and fynbos estate, Romansbaai at Danger Point, near Hermanus.
 
The developer David Mostert believes it represents both a pent-up demand for fast-dwindling coastal living opportunities and an upswing in the residential property market.
 
Among its attractions is Romansbaai’s likelihood of being the last coastal residential estate with direct access to a beach and the ocean.  
 
One of the original landowners of Romansbaai, Mostert had placed the estate in Pinnacle Point, which went into liquidation in 2011.

Subsequently a business rescue was approved and with revised budgets and financial injections by Mostert and his partners, the turnaround process for Romansbaai was started.

One of the major assets of the estate was the R60m already spent on infrastructure.
 
Of the entire offering, 80 houses will be built by the developers on a plot and plan basis, and the remaining 379 homes will be built by owners, according to a strict development guideline.

A total of 27 of the plots are directly on the seafront, while the rest stretch into the fynbos reserve, with wide areas of vegetation between the groupings.
 
Romansbaai’s development approval pre-dates the provisions of the new National Environmental Management Act related to oceanside projects - which are now severely restricted.

hermanus  |  property
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