Century City is one of the most central and prettiest neighbourhoods in Cape Town with plenty of greenery and beautiful palm-tree lined roads and cobbled streets. More than half of the 250 hectare suburb is occupied by canals, nature reserves and commercial properties.
It is the quintessential work-shop-play-stay suburb which offers excellent walkability to all of the businesses and amenities for those who live here. It is conveniently situated to the N1, just 15-minutes from the Cape Town CBD and attractions of the Atlantic Seaboard as well as Milnerton and the greater Blouberg area and beaches.
The area boasts a whopping 2958 residential properties offering a mix of apartments, townhouses and freestanding houses, all in a secure environment. Recent developments have added another 249 properties in developments such as Mayfair Gardens, Manhattan Quarter and Palme D'or. Recently completed developments include Waters Edge with 144 apartments on the canal and views of Intaka Island as well as Palm Brook with 52 apartments and the latest phase of the Oasis Luxury Retirement Resort and Axis offering 83 luxury apartments with fabulous views.
A landmark in the area, is the Canal Walk mega shopping precinct which offers the best local and international brands, cinemas, a food court and various restaurants. Other attractions include Intaka Island Nature Reserve, and kilometers of canals for various water sports as well as Central Park which hosts events such as the Day Market, Night Market, Full Moon Hike, touch-rugby and the Galileo Open Air Cinema.
There is a bustling commercial and business sector in Century City along with the Century City Business and Conference Center and new Apex which offers 8 floors of commercial space. Many corporate head offices are located here along with a number of hotels and the Hillsong Church. There is also a large Virgin Active gymnasium.
Century City is under the management of the Century City Property Owner's Association (CCPOA) which manages all the municipal services, upkeep and security of the suburb. All owners pay a levy to their complex or estate, which in turn pays a portion of this levy to the CCPOA. The CCPOA is thus funded by the residents of the suburb who are seen as stakeholders. Once a year the CCPOA hosts an AGM which is open to all stakeholders. Here residents can voice their opinions on the current state of the suburb as well plan methods of improvement for the future.
The suburb has always been an investor's playground. Two major factors have contributed to the ever climbing property prices, being a shortage of land which limits expansion of the suburb. There will come a point in the near future where no new development will be possible which will lead to a decrease in stock. Secondly, the suburb will always remain ideally situated, acting as a center point to all major areas without the overcrowding of the CBD.
Century City exists in a bubble-like market place. The decrease in available stock and the constant demand to live here has resulted in a continuous climb in property value, and despite challenging market conditions, investors in certain complexes are still achieving high capital gains. Many properties have been held for less than five years and resold for profit gains. Century City appeals to a broad mix of buyers and investors with a notable increase in young buyers in the 18-35 age group.
It is a popular rental suburb, making it an attractive investment proposition with rising rental rates due to the high demand. A large portion of tenants are foreigners who are in South Africa for business and corporate tenants who need accommodation for their employees.
There is a large workforce in Century City needing accommodation. Letting stock is plentiful as more than half of the properties are investor-owned due to the high rental returns. Many homeowners are holiday makers who let out their properties for 6-9 month periods.
Property owners, residents and employees benefit from excellent security, such as monitored access to the suburb, camera surveillance, a dedicated policing force and the additional layer of each complex or estate being entirely enclosed with their own security measures.
Seeff Century City offers a team of highly skilled local area property professionals. Whether you are looking to purchase or rent, Seeff Properties is best positioned to take care of your needs. Make the smart move and purchase a property in Century City.