Impti du Toit

Property writer

Royal Ascot, Investec Property Group's mega mixed-use development at the old Milnerton racetrack, is now into the final straight.

Rabie's development manager Mark Bezencon says that it is now virtually certain that all 1 300 homes in the project will be completed during 2005.

This is roughly two years ahead of the projected completion date anticipated by Investec/Rabie.

"The response to Royal Ascot has been phenomenal - totally beyond anything in my experience," said Bezencon.

"We are now finalising the sale of the last of the 17 residential development parcels. "From now on the challenge will be for the sub-developers to complete the building of their units on time and to the high standards already set."

Royal Ascot will have promoted just over R800 million worth of residential development and a further R150m of commercial and retail projects, he said.

From the start it was recognised that the price range - R250 000 to R1,2m - made any buy in this development a good one because they are almost all significantly less expensive than the large freestanding homes that surround the development. Recapping on the current progress, Bezencon said:

• Investec/Rabie has now sold all 61 freestanding homes in phase one. The second phase, Willow Ridge - comprising 65 similar two- and three-bedroom units, with prices starting from R670 000 - will be launched within the next week.
• Bellandia has sold out its first and second phases, and is negotiating a third phase that will have 48 sectional title apartments.
• Aquakor, the Arthur Quinton company, will in February launch a project with 72 apartments. The design standards here are expected to be exceptionally high.
• Asrin has sold out on the last of its three phases - 169 units in all - and is now completing building work in the second phase and starting on construction in the third phase.
• Swish has completed construction on the first phase in its Cape Cod-style project and is now building phase two, with selling proceeding on a third and final phase.
• Birkdale is now building 72 freestanding houses. Handovers of the first units are scheduled for the end of February.
• Vision Developments has sold out its Ascot Terrace - 48 apartments - and will start building in February.
• Deauville, another Rabie project with 61 homes, is sold out. Services were completed by November last year and the home building has now begun, with the first houses due for handover in April.

Along the southern edge of the property, facing on to Racecourse Road, Investec Property Group is developing a 10 000m2 centre.

It has negotiated the sale of another site with a bulk allowance of 3 500m2 to Stodels, which, it is said, will build a nursery and a lifestyle centre.