When the developers of Bloemfontein’s Loch Logan Waterfront development step on stage to receive the Professional Management Review Magazine’s award for the Free State’s most impressive new property development in August this year, they will be officially recognized as having contributed to Bloemfontein’s thriving economy.
That’s according to Izak Heigers, manager of Realty 1 International Property Group in Bloemfontein who says the Georgiou Group’s R500-million retail development has helped elevate the city’s status to that of a sought-after tourist, investment and residential destination.
“Bloemfontein has shed its mantle as a stop-over en route to other destinations,” says Heigers, who adds that a survey done by the Professional Management Review Magazine showed it to be the province generating the second highest degree of optimism in South Africa. “The Loch Logan Waterfront is uniquely positioned so that all of the city’s main roads lead to it.
This has stimulated residential, commercial and investment property buying in Westdene, where it is situated, as well as neighbouring suburbs.”
He continues: “The face of Westdene has changed, with real estate “golden oldies” being snatched up by business owners and transformed into office space.” According to Heigers, these properties now sell for nothing less than R1 million, which generally buys a standard three bedroom home in need of renovation.
Langenhoven Park, on the other hand, is predominantly residential, with 68 percent of its properties comprising sectional title developments. Popular among the younger generation owing to its 3 km proximity to the campus of the University of the Free State, it is also grabbing the interest of local farmers in search of lock-up-and-go investments near the Waterfront, he notes.
At entry level in Langenhoven Park is the two bedroom, single bathroom, single garage townhouse, priced at approximately R720 000. Larger units of around 126 m², comprising three bedrooms, two bathrooms and one garage, are selling for around R780 000, he says. At the top end of the market, prices are still tend to be under the R1 million mark, which offers good value for money.
Heigers says further that with the expected year-end completion of the 60 000 m² third phase of the Loch Logan Waterfront, the centre will take its place as a shopping and entertainment Mecca that also boasts Olympic-standard sporting facilities.
According to spokesperson for the Loch Logan Waterfront, Carin van Vuuren of Allamapstix Consultants, the Waterfront project has been designed around healthy family entertainment in an eco-friendly environment with the added benefit of giving shoppers access to international brands and products.
“The centre, with its vast array of unique features, will encourage travelers to turn into Bloemfontein rather than simply drive by as has traditionally been the case,” she says.
In support of this, Dr Diane Abrahams, general manager for Economic Development in the Mangaung Municipality, says Bloemfontein is not a run-of-the-mill tourist destination. “The city’s appeal lies in its focus on medical, sport and business tourism owing to the international standard of its facilities.”