A new 51-unit student apartment development is being constructed in Stellenbosch, aimed at students – or investors looking for a bankable market.
Called The Niche, the development will offer bachelor, 1, 2 and 3-bedroom apartments with prices ranging from R1.5 million to R2.7 million, for spaces ranging between 40 and 73 square metres.
The apartment block is being built on Paul Kruger Road, Stellenbosch, within walking distance to the university and close to major facilities amenities.
It is being targeted at investors looking for an investment opportunity in the area, or for parents who have student dependents.
The Niche offers premium apartments with quality finishes and fittings, ideal for a student’s needs. Perimeter CCTV and an electric fence provide comprehensive security, and there is off-street parking with remote control access.
“Historically, residential properties in student towns around the world achieve a higher capital growth compared to the national average,” said Louise Varga, Pam Golding Properties area manager for Stellenbosch.
“This is partly due to impact the influx of students has on the population, which in turn fuels the sustained rental demand.”
According to Pam Golding, student towns are big business for the property market, as the dearth of accommodation available in official university residences ensures that there is always a demand for apartments close to campus.
The realtor noted that The Niche is located in an emerging area that has been earmarked for further development, which looks set to be a hub for students and young professionals within the next five years.