The Developers
At Quorum Collective, a subsidiary of Quorum Holdings, we specialise in developing new real estate and rejuvenating neglected property assets to create an out-of-the-ordinary office, retail, residential and industrial spaces across South Africa.
www.quorumcollective.co.za
The Architects
Fasian DesignLab is based in Johannesburg with the vision is to create architecture that embodies contemporary and modernist ideas and influences. The Valour design retains the existing heritage building on the site with the addition of 5 new floors above. The building facade and interiors are a modern interpretation of the architectural style and language of the original building.
https://www.fasiandesignlab.com/
Transferring Attorney
STBB
https://stbb.co.za/
Bond originator
ooba Home Loans
https://www.ooba.co.za/
Address
32 Chiappini Street, De Waterkant, Cape Town
Click the link to view it on Google Maps
https://goo.gl/maps/FL49Mq8VhsRnCPc17
Key Nearby Locations
- Cape Quarter Lifestyle Centre 250m
- Cape Town International Convention Centre 1.4km
- V&A Waterfront 1.8km
- Green Point Stadium 1.9km
Restaurants and Cafes
- Cattle Baron 25m
- Origin Coffee Roasters 95m
- Café Chiffon 120m
- The Athletic Club and Social 300m
- The Fireman’s Arms 400m
Estimated completion date
Construction is expected to take 14 months and is estimated to be completed in Q1 of 2025.
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.
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 & upkeep 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:
(R2 million property)
R2,000,000 x 0.006344 = R12 688 per annum
This equates to R1 057 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.
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 R8 000 000
- Minus the launch discount = R500 000 (R100 000 per unit, if purchased on launch)
- Final purchase price = R7 500 000
- Deemed purchase price = R4 125 000 (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 R206 250 per year for 20 years.
Total tax write-off = R4 125 500 (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.
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
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. 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.
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.
- Short-term rental access control.
Concierge services
The Valour offers full concierge service, including; State of the art security, laundry and cleaning services.
Parking
Whilst the building itself doesn’t come with parking, there is ample street parking as well as the potential to rent bays in neighbouring parkades.
Air-conditioning
Air-conditioning can be added as an optional extra.
Backup power solutions
The building has a generator to provide power to common areas and provide Wi-Fi during load-shedding. Backup power solutions can be added as an optional extra.
High-speed Wi-Fi
High-speed Fibre connectivity ensures residents have super fast 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.
Online shopping delivery points
Concierge care will potentially receive residents’ deliveries.
Lift Access
There is one lift with access from the ground floor to the 8th floor.
Pet Policy
The Valour does not allow for pets.