Steyn City to invest another R50bn for next phase
Fin24

Steyn City to invest another R50bn for next phase

2015-03-06 13:27

Cape Town – If investors fear putting money into a new-age city on the banks of low-income communities, then the billions invested in creating Steyn City and developing the surrounding areas ahead of the estate’s launch should quell that concern.

Watch: The grand tour of Steyn City

Steyn City Properties, who launched the estate on Thursday, have so far invested around R6.5bn in building infrastructure in and around the state-of-the-art kingdom. The developers plan to invest another R50bn in the next phase. This will fund junior and senior schools, two top-tier shopping precincts, a business park, a medical centre, a retirement home and a private bus service.

List: 10 things you didn't know about Steyn City

The property group and estate is named after Douw Steyn, the billionaire South African insurance entrepreneur who made his bucks through SA-based Auto & General and UK-based Compare the Market.

With an estimate net worth of over R10bn, Steyn’s R250m mansion called Palazzo Steyn, overlooks the Nicklaus design golf course in the new 810ha property north of Fourways in Johannesburg.

Read: Douw’s R250m Palazzo Steyn reflects 'my confidence in SA'

A stone’s throw away from Steyn’s house, a range of unique luxury homes and apartments are being completed, including a modern pad for Steyn City CEO Giuseppe Plumari.

Buy your piece of Steyn

If you’re in the position to part ways with R17m, then you could own a ready-made Steyn City home, fully designed and fitted with state-of-the-art technology and appliances. At the same time, you could simply just rent a flat for around R10 000 a month.

Steyn City chief operating officer Gary Lees took Fin24 on a tour of the new “city” that had been well-rehearsed to impress the big media turnout.

Humming along in a six-seater golf car, we witnessed ceramic artists designing underground murals, gym bunnies showing their worth in an open air gym that traced up the estate, horse riders prancing about, golfers practising their putting skills, an ice-cream truck serving delicious treats, guineafowls scurrying off into wild olive trees and a human nest overlooking the imposing beauty of the estate.

Take a visual tour of the estate:
(scroll your mouse over the image and click on arrows to see over 100 photos)

Fin24 photos by Matthew le Cordeur.

A ready-made city

The security and telecommunications systems, which will have a high-powered nerve centre, will eclipse anything else seen in the country and even includes a powerful nerve centre. It also has a world class Fibre-to-the-Home network that is light years ahead of standard copper cable offerings. And you have the freedom of choosing your own service provider to plug into the system.

No need to fear load shedding, as they have installed two bulk gas storage farms and promote the use of solar power for all homes. The lights (including LED street lights) and internet connectivity, they say, will stay on when the rest of the lights in the country go out.

The ecology of the estate is diverse, and to date, 100 000 trees have been planted (24 000 wild olive, 43 000 bush willow, 33 000 white stinkwood) with 746 000 plants currently in the nursery. The long-term aim is to plant one million trees, two million shrubs and 50 million ground cover plants by the time Steyn City reaches completion.

Down to business

The first phase of the development that launched this week saw the completion of 93 apartments and 19 clusters, with a further 45 clusters to be built off plan. In addition six show homes have been completed and 220 freehold stands have been released onto the market that will allow owners to build their own homes.

Wynand du Plessis, who heads up Scad (Steyn City Architecture and Design), said they don’t want the estate to look like a golf estate with one standard design. Residents will be able to build their homes according to their preference from a selection of architectural styles including: contemporary, Thesen Island, barnhouse and sandstone clad French chateau.

Read: Traffic takes backseat in exclusive Steyn City

One, two and three bedroom apartments at Steyn City range in size from 74m2 to 149m2 with a starting price of R1.650m up to R3.9m. 25 ultra-luxury apartments with 350m2 of floor space, 100m2 to 120m2 patios and a 2m x 3m plunge pool go for R13.9m.

Cluster range in price from R6.2m to R8.4m and include mostly four bedroom options, with an average floor size of 350m2 on stands varying from 400m2 to 600m2.

There is also an array of freehold stands with a starting price of R2.3m and range in size from 800m2 to 1 300m2 all the way through to expansive 4 000m2 fairway and river frontage stands in the region of R12m to R16m.

Lees said the show houses that are fully equipped would go in range of R17m.

Steyn City hopes to offer levies below the normal cost at other estates, as the investment by Steyn has ensured that the first occupants don’t pay for being early adopters. Then, as more people enter the estate, economies of scale will allow for that rate to remain low, said Lees.

Golding’s verdict

Dr Andrew Golding, CEO of Pam Golding Property Group which is jointly marketing the resort’s residential properties with Steyn City Properties, said that the mixed-use development is a pioneering and bold project, the likes of which have never before been seen in South Africa.

“This multi-billion rand project is a boom for the local economy and indicates just how much faith investors now have in the rapidly growing Gauteng residential development property market.”

“Steyn City is a completely new lifestyle concept,” he said. “In recent years, we have seen that many people want to return back to more traditional village forms of living, but with all of the conveniences of a modern lifestyle.

“There has been a growing demand for attractive, upmarket properties that offer total convenience combined with a sense of community and serenity,” he said. “Steyn City is an innovatively designed space that meets a myriad of needs and we believe that it has a fantastic future.”

* Steyn City paid for the travel costs for the tour.

Comments
  • Wynand Pretorius - 2015-03-06 14:01

    In Thneedville, it's a brand new daaaay.

      Zoltan Pepper - 2015-03-06 14:58

      Named after Douw Thneed, of course. Must name your decadent, self-indulgent fantasy after yourself.

  • Jako Carbutt - 2015-03-06 14:04

    Why must an "estate" always be on a golf course?

      Njabulo Wela - 2015-03-06 14:24

      Because the wealthy generally like golf, or have to pretend to so they can hang out with other wealthy people.

      Pack Age - 2015-03-06 16:10

      Because they don't have to cut the lawn themselves!

  • Bonginkosi Mdhluli - 2015-03-06 14:11

    #nicelifeproblems

      Bonginkosi Mdhluli - 2015-03-06 14:24

      While the rest of SA burns, this is a conversation between a couple living in Steyn City, Wife: Honey, I had to burn the mercedes earlier today. Husband: Why my love, what was the matter. Wife: It had a flat tyre.

      Jaco Burger - 2015-03-06 17:20

      Well they had to work for their money, so what is the problem?

      Neels Minnaar - 2015-03-06 23:14

      En wanneer al die Mercs uitgebrand is, dan "brand" hulle mekaar se vrouens.

  • Alta Steyn - 2015-03-06 14:12

    Just imagine how many standard houses could be build for the homeless, and how many suffering people could be fed with all than money . . .

      badnews - 2015-03-06 14:17

      HE earned it, imagine how much money has been squandered in 21 years of bad governance.

      Joe Moer - 2015-03-06 14:59

      Just imagine how hard some have worked to own this!

      Mark Thomas - 2015-03-06 15:29

      Most middle class in SA live in nice 3-4 bedroom houses - which would look like mansions to guys living in a shack. Should they also sell up and move into 1 bedroom homes so everyone can have a home? There will always be wealthy, middle and poor - generally with education this can be addressed to a point, but even switzerland has beggers.

      Stephen Reeves - 2015-03-06 16:31

      Just imagine how much tax he has paid, and how many houses he has indirectly paid for already...

      Jaco Burger - 2015-03-06 17:21

      Why? They worked for their money. Why should they give it away now? Sure give to charity, but for pete sake, why should they build houses for the poor now? Are you a commie or something?

  • Wynand Pretorius - 2015-03-06 14:16

    Jako i was wondering about that exact thing. Do all wealthy people play golf? What if I'm rich and consider myself a tennis kind of guy...am i not allowed to live on a golf estate???? No wonder wealthy people always look so grumpy.

  • Anton Van der Merwe - 2015-03-06 14:22

    Zuma's house cost more than Douw's!!

      Akhenaten - 2015-03-06 14:37

      Yes but he's supposed to be a politician. They don't work for their money.

  • Etienne Rossouw - 2015-03-06 14:29

    Is this not a bit decadent? 17 million for a ready made house? 10 thousand to rent a flat? Does Douw live in a world where the reality of being South African is just 5km away in a make shift camp across from the Lion Park? Across there another make shift camp, also all these people in the same article about this yesterday they mention their friendship with Madiba, I am sure he did not envision a place where a house will set you back 17 million & just a few kilometers up the road all those people he was trying to free struggle to go to the toilet because they have one toilet for say a hundred people. No Douw this is not the way you pay it forward, also no South Africa one cannot simply allow a billionaire to buy what's it 850 hectares of land and name a city after it, then stuff up William Nichol for what's it year 3 now so you can have access to your city. This according to me is what is wrong with our society, where those with money dictate the power in this country.

      Jacques Coetzer - 2015-03-06 17:26

      You are missing the point. Instead of sitting on his billions, he is actually ploughing it back into the economy. This will generate huge tax for the government and provide a lot of permenant jobs. He could have easily spent it on super luxury items else where in the world, instead he chose to recirculate the money in OUR economy...

  • Nicolene Gordon - 2015-03-06 14:47

    People need to get their facts straight!! Douw has earned his money the hard way. Atleast he doesn't use the people of south africa's money to build his house and estate. And no, Douw does not play gholf but the entire estate will be equipped with tennis courts, equestrian centre, hiking trails and much more!!! He also has done a lot more for infrastructure outside of the estate, more than our government will ever do!! He also has a project running to clean the Jukskei river running into Diepsloot, providing Diepsloot with clean drinking water.

  • Alta Steyn - 2015-03-06 14:47

    Yes, badnews, he earned it. There is a very good reason why he earned it. But not only because he worked hard for it. It goes beyond the I or ME factor . . .

      Joe Moer - 2015-03-06 15:01

      Life been hard on you by any chance?

  • Abraham John Sampson - 2015-03-06 14:53

    Thneedville = good chuckle

  • Eugene Bothma - 2015-03-06 14:57

    Yes Julias everything for free so we can end up like Zim Malema is just like Mugabe and even when you die of starvation you will still cry Viva EFF

  • Joe Moer - 2015-03-06 15:00

    Thanks but no thanks, too pricey!!

  • Alta Steyn - 2015-03-06 15:24

    No, Joe Moer, not at all, but I am tempted to ask you the same question considering your nickname on this forum . . . But I rather not. I do not want to spark unnecessary rudeness. Have a nice weekend.

  • Walterx Lebzax - 2015-03-06 15:40

    6-seater golf car? I didn't know VW has that type of golf, must be expensive.

  • Roger Jenkins - 2015-03-06 15:41

    I just want to make my land claim!!

  • wehries - 2015-03-06 16:04

    Impressive! In Australia you get this but without the security fences and guards.

      Justin Van Wyk - 2015-03-07 17:42

      Go to Australia then

  • Sage Wiseman - 2015-03-06 18:48

    The vanity of Douw Steyn is breathtaking. The very thought of living in a place called Steyn City is nauseating.

  • Neels Minnaar - 2015-03-06 23:12

    The epitome of consumerism.

  • Techi Freddy - 2015-03-07 12:47

    Why name it after his name?the idea is without doubt very good but naming it after u isnt.change that and i will buy a stand.hate ready mades

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