Nedbank Property and Asset Finance has approved finance of R12 million for the next phase of the Bellandia/Shearwater Homes development at Capricorn Beach, Muizenberg.

Until now, said Richard Edwards, manager of new business for Nedbank Property and Asset Finance, the developers have sold mainly freestanding and semi-detached homes, often standing alone on their own plots. Now, however, they are launching a 32 unit sectional-title apartment development known as Aquarius.

This will bring on stream both two-bedroom, two-bathroom units (varying in size from 69m2 to 82m2) and one-bedroom loft apartments (ranging in size from 52m2 to 66m2). All units have small patios and a basement car park bay - and a further open-air bay is available for a small extra sum. "There are at least five good reasons why we at Nedbank are prepared to back this project," said Edwards. "The first is that the prices, R390 000 to R550 000, are extremely reasonable.

"Secondly, the site, just 100 metres from the beach, will offer panoramic views of False Bay, from Gordon's Bay to Simon's Town. "Thirdly, the Mediterranean ambience of the village is, we think, far more authentic than usual in this type of project: the winding streets, the varied roof lines, and the pastel and earth coloured façades will all be really attractive. "Fourth, considerable attention is being paid to the landscaping and the preservation of a genuine indigenous ecology. A qualified landscape contractor is planting Strandveld vegetation throughout the communal areas - and protecting these with boardwalks and demarcated mussel shell pathways.

"Finally," said Edwards, "the project will be fully enclosed and will have top security - something that is almost essential on any multi-unit development of this kind today." Although the prices are so reasonable, said Edwards, the quality and the positioning of the project have made it attractive to foreign buyers - at least eight have so far signed up. All the units in the Aquarius project were sold within a few weeks of each launch. It is understood that a similar follow-up block will be launched later.

The architect for Aquarius is Tony Overton and the contractors are Nova Construction. Work, which has just started, will be nearing completion for initial handovers in December. Capricorn Beach will eventually be the largest single development on the False Bay coastline. It will have 600 homes with a total value of R185 million. "All this," said Edwards, "points to the fact that the entire western side of False Bay is undergoing a transformation, resulting in the area becoming a sought-after and value-for-money environment."