Tougher economic conditions and stricter lending policies have all affected the ability of South Africans to acquire homes. It was with this in mind that the developers of Montague Place in Maitland have launched a brand new development with apartments selling from as little as R340 000, putting them amongst the most affordable in South Africa.

Not only is Montague Place one of the most affordable new apartment blocks in the country, but it's also situated in the heart Cape Town as Maitland and surrounds have recently been allocated as part of Cape Town’s burgeoning CBD — a location that is one of the most desirable for homeowners and investors in South Africa.

"This apartment block is ten minutes from everywhere in Cape Town," says Nick Docking, developer of Montague Place. "It is very close to the major transport routes of the M5 and the N1, 50 metres away from the railway station, 70 metres from a taxi rank and 100 metres from Voortrekker Road." For people working in town, the Northern Suburbs or Milnerton, this is conveniently situated in the centre of it all."

The size and location make the apartments ideally suited to students, young families or investors looking to buy-to-rent. "The area is very much up and coming with many new commercial as well as residential developments on the cards," says Docking.

Rentals of over R3000 per month

For investors there is a great deal of opportunity in the area. Docking adds that "in the current property market, not many people in the lower LSM groups can afford to buy, making small apartments the ideal investment to cater to these people. There is a large block of 110 flats down the road that are all constantly occupied by either owners or renters. Because of the proximity to town, the average rentals for similar apartments range between R2700 and just over R3000 per month."

"The units are beautifully designed and brilliant for first-time buyers," says Louise Maranz, principle of Vered Estates, Cape Town. "The block, due for completion in July, has 36 units in total and only 18 still available for sale."

The development is ideally suited to take advantage of some of the best views in the Cape. The top three floors of Montague Place all have views over Table Mountain, Table Bay and the city. Ground floor apartments have 18m˛ landscaped gardens.

Vered, together with the developers, have arranged financing options that make the apartments more affordable for first time buyers. "If a buyer meets certain conditions and has a R10 000 deposit, our mortgage originators will be able to arrange a bond to cover the balance. For first-time buyers who only qualify for a 90 percent bond, the developers, along with Investec bank, have agreed to allow them to pay off the balance over six months."

No additional or hidden costs — the price you see is the price you pay

"The price of the apartments is also the price that you pay. There are no additional, hidden costs," continues Maranz.

There are three types of unit available. On the ground floor are 33m˛ apartments with 18m˛ gardens. The rest of the apartments are also 33m˛, apart from smaller corner units that lose space to comply with certain safety regulations. "These are proving to be very popular, however, because of the additional windows, allowing for a light and airy feel," says Maranz.

Each unit has a single bedroom, en-suite bathroom and open-plan kitchen-lounge area. The kitchen is tiled, fitted with an oven and hob and plumbing for a dishwasher or washing machine. The bedroom is carpeted with nearly floor-to-ceiling built-in cupboards, allowing for far more storage space than usual. The windows are maintenance-free aluminium and all taps are cobra or of a similar quality. Each unit also has its own electrical box, allowing owners to buy and control their electricity consumption.

The entire block is protected by a large perimeter wall with electric fencing and an automated gate and each flat has a parking bay within the enclosure.

The price for an apartment in Montagu Place ranges from R340 000 for a corner unit to R390 000 for a 33m˛ unit and R410 000 for a ground floor unit with a garden.