Huge growth potential for sectional title property management in Soweto, says Landsdowne Property Group
- Orlando Towers Estate is the first sectional title development in Soweto
- On completion, it will have over 500 one-, two-, and three-bedroom apartments
- According to Landsdowne, there is massive growth potential for sectional title property management in a township like Soweto
- The majority of Orlando Towers Estate residents are first-time buyers
- There is a growing pool of potential buyers and tenants who can afford to buy or rent property in secure lifestyle estates
- Landsdowne manages about 35 000 sectional title apartments and freestanding clusters countrywide
- The Group believes constant communication is key in managing sectional title developments
- Buyers and tenants need to adhere to body corporate rules to ensure the long-term sustainability of the development
- Sectional title developments that are well-managed and in a good financial position impacts positively on property values
14 February 2024
Soweto
Landsdowne Property Group (“Landsdowne” or “the Group”), one of South Africa’s largest residential real estate managers, has been appointed as managers of Orlando Towers Estate, the first sectional title and lifestyle development in Soweto.
The estate, which is being developed in stages, has recently handed over the first phase comprising 136 one-, two-, and three-bedroom apartments to mostly first-time homeowners. On completion, Orlando Towers Estate will have 568 apartments priced from R600 000 to R980 000.
“We see massive growth potential for sectional title management in Soweto, as new models in urban living in traditional townships increase on the back of demand for secure lifestyle environments,” said Jonathan Kohler, Landsdowne Property Group CEO.
“Developments such as Orlando Towers Estate help to improve the area’s appeal, especially to many young people who grew up in freestanding homes and are now transitioning into secure communal living. It also brings more purpose, enabling those who want to leave their maternal homes to still live in the area but in a development of their choice.”
Overseeing a portfolio of more than 35 000 sectional title apartments and freestanding clusters countrywide, Landsdowne is one of South Africa’s largest managing agents. The Group specialises in estate management, property sales, rental and rental management, off-plan sales and marketing, financial services, utility and solar solutions to body corporates as well as insurance solutions for individual homeowners.
Landsdowne has carved a niche for itself through its hands-on management approach to sectional title schemes across the entire spectrum. It has the capacity and experience to manage any development from an affordable sectional title scheme in Soweto with properties priced at below a million rand to sectional title apartments, freestanding homes exceeding R150 million, residential rental as well as commercial properties in multi-billion rand developments such as Steyn City.
Orlando Towers Estate is Landsdowne’s first venture into the township. Kohler said managing a sectional title development requires expertise in property and financial management as well as homeowners’ buy-in when it comes to levy payments to ensure the development’s long-term sustainability.
“When people buy into a sectional title scheme, the first thing they want to know is the financial position of the scheme as this gives them confidence that their investment will grow in value over time. This, in turn, has a direct impact on the price that the seller can negotiate,” he explained.
He remarked that as managing agents, Landsdowne constantly educates residents on sectional title living. This includes factors such as the importance of levies, body corporate rules and policies around pets, acceptable noise levels in the scheme, and which portions of the building are common property.
At Orlando Towers Estate, for example, many residents are first-time homeowners with the balance being buy-to-let investors.
“Orlando Towers Estate is leading the way in driving urban living in traditional townships, and this will unlock a massive new market for potential buyers and tenants who demand a secure lifestyle in the area they grew up in,” concluded Kohler.