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Frequently Asked Questions

Developers

Mason Developments

We are local developers, who are known for our acclaimed developments in Sea Point (The Glengariff), Vredehoek (The Belair, The Bradwell), and Constantia (Olde Cork Farm, Brounger Walk, Bannerman Close Estate).

“We design and create with intention, with attention to detail and with an innate adoration for creating a cultivated home that can act as a place of refuge, a place of gathering and remain an abode that holds true to authenticity and gives way to meaning and joy. We create a space that makes way for each dweller’s aspirations, but continues to find its foundation in our deepest values.”

Architects

BBB Architects are well-established architects, specialising in luxury residential. Design in and around the Atlantic Seaboard.

Interior designer

Lindie Ferreira – who titles the design of The Braemar, Colours Of Cape Town.

“We are bringing the beauty of the outside, inside, and using the colours and textures of the landscape as the base for the interior experience.”

“Cape Town is a place of extraordinary beauty and as a result it attracts people who want to integrate nature into their lives. Living by the sea surrounded by natural splendour can contribute to a more balanced life,” says Lindie.

Mason also has an in-house interior designer, Nikki Drummond who specializes in luxury residential architectural design and interiors.

Transferring attorneys

STBB
https://stbb.co.za/

Bond originator

ooba Home Loans
https://www.ooba.co.za/ 

Address

6 Braemar Road, Green Point
Click the link to view it on Google Maps
https://goo.gl/maps/8ngZiKef7MfMP42U7

Key nearby locations

  • 200m – Woolworths 
  • 450m – Africa Padel 
  • 800m – The Cape Quarter 
  • 900m – Green Point Stadium 
  • 1,3km – V&A Waterfront 
  • 1,6km – Green Point Virgin Active 
  • 1,6km – Green Point Park 
  • 1,9km – Mouille Point Promenade 
  • 5,5km – Clifton Beaches 
  • 6,4km – Table Mountain Cable Car 
  • 22km – Cape Town International Airport

Nearby restaurants & cafés

  • 30m – The Strangers Club 
  • 210m – Mano’s 
  • 210m – Bootleggers 
  • 250m – Hudson’s 
  • 300m – Tiger’s Milk 
  • 650m – Giovanni’s Italian Deli 
  • 1,5km – Oranjezicht Farmers Market 
  • 1,6km – Grand Café & Beach 

Estimated completion date

Construction is set to commence in June 2023. The estimated completion date is December 2024.

Parking

There are 73  parking bays in the building.

  • Parking bays are INCLUDED in the purchase price
  • Single bay value R250 000 (One bedrooms and One bedroom Suites)
  • Double bay value R500 000 (Two bedroom suites and two bedroom and three bedroom duplex Penthouse)
  • All parking is secure and has direct access to the building
  • Motorbike bays are available as an optional extra
  • Electric vehicle charging points are also available as an extra

Sales launch date

Sales go live at 1pm on  Wednesday, 15 March 2023.

The interactive price list

  • Ahead of the sales launch you will be able to view and browse all the available units by visiting the user-friendly interactive price list
  • Here you can easily browse the available units and use the filters and sort function to narrow down your search.
  • On each unit the layout, all costs and expected rentals are shown.
  • Once sales go live on the 15th of March you can reserve your preferred unit/s.

Your shortlist

Simply click the ADD TO LIST button on your favourite units. You can also reserve your preferred unit directly from the Shortlist.

Securing a unit

  1. All reservations will happen online via the interactive price list.
  2. Register prior to launch and log in to sales.thebraemar.co.za before 1pm on launch day.
  3. At 1pm on Wednesday the 15th of March 2023 when the countdown reaches zero, sales will go live and a green reserve button will appear.
  4. You will be able to secure your preferred unit/s by pressing the green reserve button, following the steps and paying the R5000 reservation deposit.
  5. You will then receive an email from our team with the Agreement of Sale for you to sign and return to us within 48 hours.

Please note:

  • There is a possibility of load-shedding during the sales launch and therefore, we urge you to make provisions for this and to make sure you have access to reliable Wi-Fi at 1pm.
  • Whilst we have put everything in place to prevent double bookings, sometimes these do happen. So in the unlikely event that the unit you have reserved was also reserved by another buyer, then the unit will be allocated to the buyer who paid their reservation deposit first (this is recorded by timestamp).
  • Should the second buyer not find a suitable replacement the reservation deposit will be refunded. We apologise for any inconvenience this may cause.

The R150 000 launch discount

Buyers who secure a unit/s on launch via the online platform will receive R150 000 off the purchase price. Terms & Conditions apply.

Activating your discount

To activate your discount, simply click the green discount button below the price on any unit and follow the prompts to complete your Buyer Profile & unlock the discount on all units. Once completed, the discounted price will show on the price list.

The reservation process

All reservations will happen online via the interactive price list.
The below list outlines the steps you’ll need to be familiar with in order to have the best chance of securing the unit you want to purchase.

  1. Register and log in to sales.thebraemar.co.za
  2. Once the countdown reaches zero and sales go live at 1pm, you will be able to Click the RESERVE button on your selected unit to start the process.
  3. Make sure to be quick as others may also be interested in the same unit.
  4. Complete the form and accept the terms: Click CONTINUE
  5. Your reservation will now move to the pending state where you have 10 minutes to make payment of the R5000 reservation deposit.
  6. You may then pay your R5000 reservation deposit via the following methods:
    – Visa or Mastercard
    – Instant EFT via OZOW
    – Masterpass
    – Snapscan
  7. Once the R5000 deposit is concluded, your unit will be reserved!*
  8. You will then receive an email from our team confirming your reservation.

Next steps:

  • The Agreement of Sale will be sent to you via email, this will need to be signed and returned to us within 48 hours from receiving it.
  • The full deposit required is 10% of the purchase price within 7 days of purchasing the unit.
  • The balance (90%) will need to be secured within 21 days by either a bond approval, bank guarantee, or cash.
  • Alternatively, we will also accept a 30% deposit with the balance payable 60 days prior to the transfer.
  • Should you be paying for the unit in cash, you can also opt for a non-refundable 30 % deposit, in which case the balance only needs to be secured two months prior to transfer and completion of the development.

Does the deposit earn me interest?

The deposit is paid into the transferring attorney’s interest-bearing account and your money will earn interest for you.

The benefits of purchasing on launch

  • R150 000 launch day discount
  • Best selection of units
  • Parking bays included in the sales price (valued at R250 000 per bay)
  • Capital appreciation for 2 years is estimated at 14% (7% pa) while the development is under construction
  • Rare opportunity to own in an exclusive neighbourhood

Buying off-plan property in Cape Town

  1. Cape Town sees an average annual capital growth of 7%, so your property value is growing at roughly 7% pa but you are only required to put down 10% of the development value.
    This means you are getting growth on the full purchase price of the property and only have to put down a fraction of the price.
  2. Your tenant is largely paying off your investment property & bond for you.
  3. Your rental income increases every year but bond repayments generally stay the same and in relation to yearly salary and incomes inflating, the bond repayments become relatively cheaper every year.
  4. There is high demand for secure luxury property in Cape Town’s Atlantic Seaboard, resulting in a secure long-term investment.
  5. The longer it takes to enter the property market the harder it becomes.
  6. Property investment is likely to create long-term sustainable wealth and an ever increasing annuity income.

Bond pre-qualification and pre-approval

This can be done online by using the ooba Bond Indicator. It is a quick process to estimate the approximate amount you could qualify for. This is however NOT a bond approval.

What happens if my bond is not approved, do I get my deposit back?

Yes, the deal is subject to your bond being approved and should it not be approved the deposit is paid back to you with interest.

If you are unsure if you can afford the bond it is a good idea to get pre-qualified prior to the launch as the R5000 reservation deposit is not refundable.

Click here to get pre-qualified 

Once my bond is approved, when do I start paying?

Bond repayments will commence once the property has been transferred to your name and the bank has settled the payment to the seller.

Bond registration costs

Bond costs are payable at the time that the bond registers, once the development is complete.

Transfer duties

There is no transfer duty payable but there are transfer fees (attorney costs).
The seller is registered for VAT so there will be no transfer duty but only transfer costs payable.

What are the transfer fees?

To calculate the transfer costs you can click on the below link: https://www.ooba.co.za/home-loan/transfer-cost-calculator/

NB: Please select yes when it asks if the seller is registered for VAT.

Example:
On a purchase price of R2 million the transfer costs will be R39 035*
*Please note these are subject to change

What do the levies include?

They cover the costs of security, cleaning & landscaping of the common areas, maintenance of the building, building insurance and all running costs and management costs and insurance of the building.

Rates

Monthly rates are based on the value of the property and are calculated based on the value of the property and then multiplied by 0.006344 to get your yearly rates. Divide this by 12 to get your monthly rates.

Example:
(R3 million property)
R3,000,000 x 0.006344 = R19 032 per annum
This equates to R1 586 per month

Are there any hidden costs?

The contract price is the price the client will pay for the property. You must be aware that there is occupational interest due from the date you take occupation until you take ownership (transfer takes place).

The other costs applicable are detailed above and include monthly rates and levies. Bond costs will be payable prior to registration of your bond once you take transfer of your unit. Transfer costs at this point will also be applicable but these costs are largely offset by the interest that you earn on your deposit during the construction period.

When will we be able to move in/find a tenant?

After the completion of the development, the transfer process will commence. Occupation will be given as soon as an occupation certificate is granted. You will be able to occupy or rent out your apartment from the date of occupation.

Section 13Sex Tax Incentive

Investors 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.

Example:

  • Purchase five units at a total purchase price of R14 500 000
  • Minus the launch discount = R750 000 (R150 000 per unit, if purchased on launch)
  • Final purchase price = R13 750 000
  • Deemed purchase price = R7,562,500 (55% of final purchase price)
  • 5% of the deemed price may be used as a tax deduction per year

This works out to a tax deduction (tax write-off) of R378 125 per year for 20 years.
Total tax write-off = R7,562,500 (over 20 years).

Taxpayer Criteria for Section 13Sex:

  • The taxpayer must own at least 5 residential units. The deal kicks in once the buyer takes ownership of their 5th new unit. 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 have been purchased 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.
  • Please consult your tax advisor for further clarification and information.
  • Read More

Pre-paid electricity

Each unit will have an independent electricity meter.

Water supply

Water will be paid in arrears and will be billed and metered on specific unit usage. There will be a central heat pump instead of geysers in order to make the building more efficient and minimise costs.

Rental policy

Short-term rentals

The short-term rental projections have been provided by Total Stay based on existing rentals achieved in similar apartment blocks. To download the full report with calculations please click here: estimated short-term rentals here.

Our preferred short-term rental management company, Total Stay, offers the essential services you’d expect from a hotel together with the freedom, space, and individuality of a home.

Long-term rentals

  • Typical One Bed: R16 500pm
  • Typical Two Bed: R29 000pm
  • Typical Penthouse: R48 500pm

Estimates are based on what is currently being achieved and inflated over 2 years.

Security features

  • The building offers state-of-the-art security with 24-hour security guards, strict access controls with biometric facial recognition access and CCTV surveillance.
  • Vehicle number plate recognition, a gate and an apartment intercom
  • Short-term rental access control.

Heated swimming pool

Set in a luxurious boutique hotel-style outdoor setting on the Braemar Road side of the building.

Concierge services

The Braemar has a luxury foyer with a Barista run café and lounge area as well as concierge. This area will also function as a co-working space with high-speed internet.

Air-conditioning

All penthouse apartments come with two air-conditioning units at no additional charge. One unit in the lounge on the 4th floor and one unit in the lounge on the upper level.
The rest of the apartments do not have air-conditioning but are offered as an optional extra at an additional cost.

Backup power solutions

The building has a generator to provide power to common areas and provide Wi-Fi during load-shedding.

An inverter backup power solution is also offered as an optional extra at an additional cost for individual apartments.

High-speed Wi-Fi

High-speed Fibre connectivity ensures residents have superfast internet in their apartments, this will be for the owner/residents account. The owner/resident will need to contact the service provider in order to obtain the ISP.

There will also be high-speed Wi-Fi available at no charge in common areas.

Online shopping delivery points

Concierge care will potentially receive residents’ deliveries.

Lift Access

There is one lift with access from the basement parking level to the 4th floor

Pet Policy

The Braemar is pet-friendly, however, restrictions do apply.

Development Expert

Cheronne Morgan
Cheronne@mason.co.za
071 562 2516