The Houghton on par, R1bn sales
The Houghton, a new residential development overlooking the Houghton Golf Club, is on target with its R1bn sales. The project, which started in 2010, is being developed in phases.
The deluxe dwellings comprising the first two phases are completed. Soon a private resident's club and an upmarket hotel, bordering the 7th and 12th holes of the golf course, will flank them.
The development offers apartments, duplexes and penthouses that cost between R3.5m and R55m. Currently, there are 150 spaces sold, covering around 90% of the original development investment. The man behind this sales and marketing coup is Lawrence Kreeve, now 62, who has been involved in real estate since he was a teenager. His credibility in his field of operations stems from his experience at such developers as Investec and Stocks & Stocks. "The project is no longer a dream," he says. "It's a reality. At the end of phase one there were 60 families living here; now there are 150."
Interior design sets benchmark
The lifestyle is defined as much by interior design as the panoramic views afforded to every apartment. Head Interiors, a leading company in the status homes, leisure and corporate sectors, created a contemporary, top-range design model to fit The Houghton's identity. Kreeve explains that in addition to the all-inclusive package, the units can be bought as a 'white box' layout in which the interiors are blank. The new home finishes can be selected at an extra cost.
Development of Phase 3 with its north-facing apartments overlooking the 12th hole, has commenced. These units offer an extensive range of opportunities for buyers in the R6m to R54m range.
In 2010, Kreeve was asked to research the sales potential of the ambitious project, which had been stalled by the global financial downturn in 2007. It urgently needed a fresh perspective in marketing its exclusive lifestyle and location as the recession eased.
Sales of the first phase of penthouses, duplexes and apartments went ahead rapidly and in low profile. Leading names in business and politics saw the high-priced homes as cost-effective personal investments in their lifestyle and security. A few former South African residents, now living in the countries such as the UK and Switzerland, have also recently purchased units in a development whose reputation is enhanced by its understated significance in the property market.
Golf course adds value
One of its selling points is its privacy: driving past, people have no idea of the scale and luxury of its homes and the panoramic views its residents enjoy. The renewed market interest, he says, was due to the vision of its developers and their foresight in 2009 in investing another R136m into redesigning the Houghton golf course to enhance the location, by relocating the golf clubhouse and bringing in golf legend Jack Nicklaus to redesign the course within international tournament specifications.