Two estates, which
are starting to attract a lot more interest, bordering on the Zimbali Coastal
Resort are Port Zimbali Estate and Hilltop Private Estate at Port Zimbali. The
municipal area and designated suburb is referred to as Port Zimbali and
includes all the land east of the M4 and south of Seaward Estates and Ballito.
The largest component of this land is Zimbali Coastal Resort. However there are
other designated and developed areas within this suburb, and Port Zimbali
Estate and Hilltop Estate receive our focus for this week.
Port Zimbali Estate
measures 8.7 ha and has a maximum capacity of 80 freehold properties. No
sectional schemes will be developed within this estate. Currently approximately
50% of the properties have been sold and developed. The estate levy is R1,500
p.m. The mandatory gardening levy is currently R650 p.m. and this ensures that
all the internal gardens and road verges are maintained by the home owner’s
association. The once of contribution to the levy stabilization fund, paid by
the purchaser, is R10,000. The average price, based on all registered transfers
over the past 12 months, is R2,891,667. ABSA is currently the most active
mortgage lender on the estate. The number of registrations, the best guide for
sales activity, has increased from 8 in 2011 to 11 in 2012, which is almost
back to the pre-recession 2007 level of 12.
Hilltop Private
Estate measures 14,4 ha and consists of 61 sectional scheme units (across three
completed and occupied sectional schemes) and 47 freehold properties, which
includes the 10 new sites, which make up The Ponds development. The estate levy
is R1,140 p.m. and the once of contribution to the levy stabilization fund is
R6,000 plus vat. The average selling price is R1,995,789 and ABSA is also
currently the most active mortgage lender on this estate. The number of
registrations recorded at Hilltop were 19 in 2011 and 5 in 2012. The respective
figure for 2007 was 11.
(Author: Andreas Wassenaar, published in The Bugle, 26th June 2013)
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