Property development and investment firm, Flyt Property Investment has launched One Thibault in Cape Town City Centre – 180 units over 13 floors.
The development offers a range of 19 square metre to 60sqm one and two-bedroom apartments and studios featuring quality interior fittings and fixtures. A custom, fully-furnished option is also available, Flyt said. A 19sqm apartment starts at R895,000, while a two bed 60sqm unit goes for R2 650 000.
“This hospitality offering qualifies as a 12J investment allowing investors to write off 100% of their investment amount,” it said.
Hospitality management company WINK Aparthotels will provide on-site administration of all the units giving investors “a well-managed, hands-off investment with access to a host of other benefits over and above a guaranteed rental income of 6% for the first year”.
Some of the key features of the development include:
• Reception Area With 24-hour Security
• High-Speed Internet
• Airbnb Friendly
• On-Site Restaurant
• Pool Deck
• Co-Working & Networking Space
• Storage Space
• Laundry Facilities
• Easy Access to Transportation Hubs
• Conveniently Close to Cape Town’s Finest Landmarks
Flyt Property Investment said it has partnered with Anuva Investments to provide investors with an advantageous tax-efficient structure that allows them to use their South African Revenue Service (SARS) tax refund towards their investment and then assists them in financing the balance.
“Not only do you have the choice of purchasing a pre-approved unit priced from R895,000, but you can also qualify for a 100% tax deduction,” said Zane de Decker, chief executive of Flyt Property Investment.
Investment into the Section 12J sector saw a major uptake leading up to the end of the tax season in February 2020 with the group reporting all their units across three developments being sold out.
“Not only are you able to invest in property in a sought-after location for good value, but you can write off your tax investment amount against your tax liability for the 2021/2022 tax year,” said de Decker.