Huntington, New York (PressExposure) April 14, 2011 -- As the South African property market continues to develop into a proper large scale economic force, it will no longer be a suburban residential estate planning and huge upmarket apartment block investment that makes a significant impact
on an area's market value. As real estate values are plummeting globally, South Africa is looking ahead and making smart and sound choices to plan for a greener future - green for the environment and green for their property values.
We built this city on rocks and a city bowl
That's right, Cape Town real estate all started with construction of a harbour and bricks being laid in the surrounding areas. It has evolved from being a pit-stop on shipping routes to a prime destination and desired address. The next phase of average expansion and growth would be from one sector to another, but in Cape Town's case the city has hit all the bases already. Having developed and expanded property markets in residential, commercial, agricultural and industrial as well as already having a 'Suburban Sprawl' and a partial 'Urban Renewal' movement, property developers elsewhere are left asking what next, but the answer has been there all along.
Be a lean, mean property market machine - go green
Claremont property has made a bold statement and a very smart move in the commercial sector with the development of the Palmyra Junction Shopping Centre. Categorically a mixed use development, this retail centre is catering for the eco-minded shopper with the greenest Woolworths Food Store yet, as well as many other small and locally owned and focused businesses. Rabie Property Group on behalf of Insight (and market research of course) has invested R50 million into this vision - clearly they have caught onto something.
As office space is available as well, many creative companies and NPOs are taking up address at the Palmyra Junction to be surrounded by the energy of a bustling eco-focused shopping centre.Shopping centres generally have the usual suspects: an anchor store, a cafe or two, a few boutique shops, and maybe an ounce of office space.The Palmyra Junction was scheduled to open in April but is open ahead of schedule and trading. Shops are open from 9am to 6pm Mondays to Saturdays and till 1pm on Sundays and public holidays.
Shops and retailers include:
* Woolworths Food Store: 1200 square metres of their greenest endeavour to date with recycling of energy for under-floor heating, a gray water system, natural light and ventilation - also open late till 8pm
* Knead Bakery: a great please for breakfast or lunch with artisan bakery style bread
* Vida e cafe: South Africa's local answer to the quest for perfect coffee
* Thai Cafe: open from 11am till late, offering a great lunch and dinner menu
* Fresh Laundry: often with franchises that have green chemical options for washing
* Wellness Warehouse: a small shop with all your favourite green-goodies and eco-remedies
* Home Brew: an organic baby clothing and t-shirt shop
... with more hand-picked tenants to come.
Claremont is a great location for young families, from the busy main road in Claremont, where Palmyra Junction is located; there are 18 schools in a 3 kilometre radius. Claremont property values are affordable for the Southern Suburbs of Cape Town - thus often yielding households with a little bit extra of disposable income that still value the suburban lifestyle. This means that there is a larger percentage of probable consumers, and due to the average age of a head of household (28-40 years old of property owners), a larger pool of long-term customers.
The location of the green focused centre not only caters to the obvious environmental clientele, but also the huge growing market share of moms that are making consumer decisions for a household, with an average of five mouths to feed.
Claremont is an ideal choice to put an upmarket shopping centre such as this as it's not pretentious, has a cosy feel, and most importantly is on the way of the school run,making shopping more convenient for moms who want healthy options.Lifestyle is always an important choice for property purchases as a buyer.
Essentially you are picturing yourself, and your family, in another life and making a decision on whether or not to buy into it. By presenting a lifestyle of taking the kids to nearby community schools, and then hitting an organic market for dinner produce and having a coffee with a friend, Palmyra Junction has cornered the market on the growing demographic of 'nouveau-mommies', those of which are educated, have higher household incomes, and make consumer choices based on more than budget price - and more often than not lead a healthy lifestyle.
Trickle effect for upward growth
This is the beginning of positive economic growth for the area - appealing to this new demographic will have a butterfly effect on the community, imagine choices on home renovations, school activities, community events, safety and crime prevention being made by those who see the future of South Africa being that of a sustainable economy.
Statistically, those households will do their home repairs with higher quality and longer-lasting materials, will lead healthier lives, will have researched any decisions (consumer and otherwise) they make more than the average person, and will be more active in community outreach and participate in a collective vision for maintaining a great area to live.
Over the next 5 to 10 years, Claremont property will see an increase in homes and flats being sold due to this niche market being catered for. This will occur by properties becoming worth more, the area becoming more in demand, and there being a shorter supply of available property for sale as Claremont has geographic development limitations.
In conclusion, Claremont property owners can thank the cape town real estate market by yielding a need for such a development and rejoice that their area has completed the venture. Current owners will see an increase in their market valuations and prospective buyers will find the area more appealing than ever with this much anticipated boost to Claremont property values.