Port St Francis boom
THE luxury R350-million Port St Francis residential and harbour project 100km from Port Elizabeth has opened the sixth phase of its development with 99 apartments and penthouses on sale.
The first phase of the eight-village residential complex comprising 110 luxury units ranging in price from R350 000 to R3.4-million was launched in November last year with 50% of the units sold in the first three months.
The sixth village offers 92 apartments and seven penthouses ranging from R250 000 to R1.4-million.
Marketing director Tracy Mills says 130 of the 180 completed units have been sold, many to overseas investors. Mills says until this latest phase, the focus was to provide luxury living.
"This is probably the last affordable, value-for-money residential property available within a proven popular development where rates of R10 000/mē have already been achieved." The complex is a joint venture between the St Francis Bay local council and three Port Elizabeth businessmen. More than R80-million has been invested in the project to date, which has financed the cost of the harbour.
The project is expected to be completed by December 1998 and will comprise 1 618mē of retail space, 596mē of restaurants, pubs and coffee bars, a yacht club and office space. It will also include a 83-room hotel and conference centre and a country club and spa.