Frequently Asked Questions
What is the address?
6 Thicket Street, Newlands, Cape Town, South Africa, 7700
What is on offer?
Luxury Cape Town Apartments for sale including:
- Micro Apartments
- Studio Apartments
- One Bedroom Apartments
- Two Bedroom Apartments
- Three Bedroom Penthouses
Who is the Developer?
How do I purchase an apartment?
- Browse the interactive price list by visiting: https://sales.newlandspeak.com/
- To reserve a unit, simply select your preferred unit, select “Reserve” and complete the online reservation process by filling out your details and paying a R5000 non-refundable deposit via PayFast using any the following methods:
- Credit or Cheque Card
- Instant EFT
- At this point, the unit will be reserved and you will receive a confirmation email to approve your reservation.
- An agreement of sale will then be emailed to you, which you’ll need to sign and return to your assigned agent within 24 hours. (Please note electronic signatures not allowed)
- You as the buyer then have 3-days to pay your deposit of 10% of the purchase price into the conveyancer’s (STBB) trust account. The funds held in trust will accrue market-related interest in the favor of you, the purchaser, until the development is transferred in 2023.
- You will need to secure the balance of 90% of the purchase price within 21-days from the date of signature. This can either be secured through a bond approval, a bank guarantee or cash.
- Alternatively, we will also accept a 30% deposit with the balance payable 60 days prior to transfer in 2023.
When is the completion date?
Anticipated completion is May 2023. This is based on construction going according to plan and is subject to change. The transfer should take place approximately 2 months after completion.
Are short-term rentals / Airbnb bookings permitted?
Short-term rentals will be allowed. Therefore, units will be able to be marketed on Airbnb and other similar platforms.
How does the Guaranteed Rental work?
- Applicable to certain Micro, Studio & One Bedroom apartments only.
- The guaranteed rental is for the first 12 months from the date that transfer takes place.
- This would coincide with when your bond repayments would begin.
- The guaranteed rental does not apply should you wish to live in the apartment, only if you give Rawson a sole mandate to rent out your property on your behalf.
- The bond costs are based on the current prime lending rate (7%) at the date of posting (1 March 2021).
How do I reserve an apartment?
Simply visit: https://sales.newlandspeak.com/ to reserve your preferred apartment.
What does the security consist of?
- 24-hour concierge service
- 24-hour manned security
- Biometric access controls
- Video intercom to each unit
- CCTV surveillance and on-site monitoring
Is there Parking?
Newlands Peak has 3 levels of secure parking. Each unit is sold with at least one parking bay.
What kind of returns can investors expect?
Historically, capital growth in an area like the Claremont CBD has seen an average of around 7% per annum, plus a rental return of about 7,5% gives you an annual return of 14,5% per year which is an almost unbeatable investment.
In short, you can own an apartment for just R998 per month – see calculations below which are based on a R1 400 000 apartment:
- You get R 100 000 discount if purchased on launch day meaning the purchase price is now R1 300 000
- A 90% bond will cost you R 9 071 per month at the prime lending rate.
- Rates and levies are R1 682 pm
- = Total monthly cost – R 0 753 pm
- Guaranteed monthly rental – R 9 55pm
Your monthly contribution – R998 pm
Benefits of buying now include:
- Guaranteed rental for 1 year on selected apartments
- No transfer duty
How do I apply for a bond?
Rawson Finance can assist you at no charge and will apply to all the major banks on your behalf to find you the best interest rate. Should you need their assistance please let us know and we can put you in touch with them.
If you would like to make the process as easy as possible we suggest you get a pre-approval done before launch day, which will make the process much quicker once you have secured your unit.
Please let us know if we can assist you with a pre-approval.
Investors still have access to powerful tax incentives, including the popular Section 13sex of the Income Tax Act No 58 of 1962. This scheme enables any taxpayer who owns five or more new, residential rental units, to claim up to 55% of the purchase price as a tax deduction. (Deductible over 20 years)
How it works
- Purchase five units at R1,2 million each = R6 million
- Discount = R500 000 (R100 000 per unit)
- Final purchase price = R5,5 million
- Deemed purchase price = 55% of final purchase price
5% of the deemed price may be used as a tax deduction (residential building allowance).
This works out to a tax deduction (tax write-off) of R151 250 per year for 20 years.
Total tax write off = R3 025 000 (over 20 years)
- The taxpayer must own at least 5 residential units. A residential unit refers to a building or self-contained apartment, mainly used for residential accommodation with the exclusion of structures used for business purposes, for example, hotels.
- All units must be situated in South Africa.
- Residential units must be new and unused. (For example, buyers of flats that had previously been occupied would not qualify for this incentive.)
- The units must be used solely for the purpose of trade (i.e. residential letting). This prevents housing claims for personal use.
In order to claim the tax allowance and/or incentive and/or deduction, certain requirements have to be met. The listed examples may not apply in certain instances. The Developer, its representative and/or its agents, do not provide tax advice. All material in respect of the Development has been prepared for information purposes only and it is not intended to provide, and should not be relied on for, tax advice. Before concluding any transaction with the intention of making use of either of these tax incentives, the Developer specifically advises that a purchaser should consult his/her/its own tax adviser. The Developer cannot be held liable for any loss, howsoever arising. Furthermore, the availability of these tax structures to any purchaser is not a warranty, express, tacit, implied, or otherwise, from the Developer in relation to the transaction.
Located on the rooftop level of Newlands Peak will be a fully fitted fitness centre with unbeatable views of Devil’s Peak.
Fibre & DStv
Every apartment comes with fibre & DStv connection.
Full lift access via 2 lifts is provided from the ground level to every floor.
Electricity & Water Prepaid
Electricity and water are prepaid and meters installed in each apartment.
Furniture & Appliance packs
These will become available towards the completion date of the development. Please enquire with our sales team should you wish to find out more.