New R2.4 billion development bringing affordable living to Stellenbosch – with prices starting at R850,000
A new development is launching in Stellenbosch, with the aim of bringing affordable living to an area that is notoriously expensive through a new ‘green’ neighbourhood.
After almost six years of extensive planning, protracted pandemic delays and a stringent development approval process, the Newinbosch neighbourhood aims to introduce affordable, secure living to the largely exclusive Stellenbosch residential market.
This new-generation ‘green’ neighbourhood is located at the northern entrance to Stellenbosch, some three kilometres from the centre of the Western Cape town.
Newinbosch is a 48-hectare mixed-used residential development valued at R2.4 billion, led by development partners Similan, a Stellenbosch-based residential property development company, and JSE-listed construction company, Raubex.
According to the developers, the neighbourhood is the largest development that is currently taking shape within the Stellenbosch municipal boundaries.
The Newinbosch property portfolio ultimately comprises a total of 1,320 units across five different typologies.
Upon completion, the neighbourhood will provide a new address for between 5,000 to 6,000 residents, the group said.
“The selection of homes stretches the entire property ladder, with unit prices ranging between R850,000 and around R1.3 million for sectional title simplex homes and apartments, and R1.8 million and R4.3 million for full title homes,” it said.
“Considering its location, affordable price range and ease of access to the Stellenbosch CBD, the Stellenbosch university and all other major employers in the area, the Newinbosch neighbourhood is well positioned to address the high demand for reasonably priced, secure living in closer proximity to Stellenbosch and surrounding Boland towns.”
Harold Spies, managing director of Similan, said the Newinbosch development responds to the huge need for accessible and secure living in well-located residential areas in and around Stellenbosch.
He said two main factors drive the growing need for accessible and suitable homes in the Stellenbosch area: the ever-increasing daily commuter and freight traffic into and through town causing severe road congestion in and around Stellenbosch; and the prevailing semigration trend, with the Western Cape Winelands pitched as the preferred destination for relocating families, professionals, entrepreneurs, and retirees from upcountry.
“This is exacerbated by the perpetual need for suitable alternative properties in the wider Boland area, specifically within the middle to higher income sector,” Spies said.
“Interestingly, we’ve already received significant interest from within the Stellenbosch fold, particularly from graduates and young professionals who are keen to establish here, but are unable to afford suitable living options.”
Spies said the new neighbourhood challenges the affordability barrier that has been preventing emerging middle-income families and young professionals from accessing safe and secure
living traditionally associated with conventional gated communities and security estates.
“Our vision for Newinbosch is that it will set the benchmark for sustainable residential developments to provide greater access to affordable quality and secure and inclusive living to a new generation of South African homeowners.”
The development is placing a particular focus on green and sustainable living. Load shedding is also a key focus, with discussions underway with the Stellenbosch council and other role players to explore the feasibility of independently managed, micro-generation systems.
“This will reduce pressure on the Stellenbosch municipal grid while allowing the neighbourhood to ‘sell back’ excess power to the grid during periods of high demand,” the group said.
The developers are also pursuing green certification for homes and buildings in the neighbourhood, which will allow prospective homeowners to get preferential rates on home loans.
Louise Varga, area manager of Pam Golding Properties in Stellenbosch, who was appointed as exclusive marketing and sales agent for Newinbosch, said that, since these properties will cost less to run, buyers are potentially better geared to service their home loan commitments.
“For this reason, and in line with international green financing trends, two of South Africa’s major banks, FNB and Nedbank, now extend preferential terms on personal home loans by offering lower interest rates of between 0.25% and up to 0.5% on green certified home loans,” she said.
The development will also include a 3,000 square metre (sqm) urban farm, a pre-school, plans for a primary and secondary school, as well as a 7,500 sqm retail centre.
The Newinbosch development will be rolled out in a phased approach over the next four to six years.
Construction of services for the first phases commenced in August 2022, with the first phase ready for occupation during the fourth quarter of 2023. The retail centre is expected to open in 2025.
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