Intl micro-living trend heading for Cape Town | Fin24
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Intl micro-living trend heading for Cape Town

Nov 17 2017 11:52

Cape Town - Cape Town is following the trend seen in cities such as Berlin, London, New York, Barcelona and Paris in the development of state of the art micro-living apartments in the city.

It is part of a new conceptual design in living known as integrated living solutions, which incorporates all the elements needed for inner city living without having to leave the building, according to Rob Stefanutto, managing director of Dogon Group Properties.

“Micro living units have been popular internationally for several years and we are now following this trend in Cape Town. Millennials are looking for location over square footage. They want to be close to the city centre, close enough to walk, bike, or rely on public transportation," he explains.

"However, with cities becoming increasingly over-crowded there is not only a shortage of housing but also the cost of properties has sky rocketed to such a point that young people cannot afford to buy their first property and get onto the property ladder – forcing them to rent on an ongoing basis.”

To be constructed at 1 Albert Road in Woodstock, Cape Town, these micro units will range in size from 21m² studios to 75m² two-bedroom units. All the apartments will feature SMEG appliances, flat screen smart TVs and uncapped, fast fibre internet.

First time buyers

Rob Stefanutto, managing director of Dogon Group Properties, explains that, in addition to the 133 living units over seven floors, the 1 On Albert development will feature communal recreational spaces, shops, a food court, laundromat and heated swimming pool.

It has been designed by architects Louis Karol and the interiors of the apartments designed by hotel room designer Grant Gillis of Delta Interiors.

Entry level units at 1 On Albert are priced at R799 000 to R945 000 - inclusive of transfer duty. According to Stefanutto, this equates to a monthly bond instalment in line with - if not lower than - rental figures. Those earning between R18 000 and R25 000 per month should, therefore, qualify for finance.

Stefanutto says another benefit of micro living units are low monthly levies and rates.

Construction on 1 On Albert is set to begin in February 2018.

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cape town  |  money  |  property


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