A new housing ‘city’ is coming to Gauteng, with plans to offer more than 3,450 apartments starting from just R595,000 in Johannesburg.
Central Park City, located in the Newlands/Sophiatown area, is being developed by Urban Dev Property Development.
Gauteng is South Africa’s smallest province by land area, accounting for only 1.5% of the country’s area but home to more than a quarter of the population.
With so many people competing for space, demand for housing remains high, especially for first-time buyers looking for affordability.
Mr Seeff said the development was specifically designed to meet this demand, offering a combination of affordability, security and lifestyle benefits that were previously out of reach for many entry-level buyers.
Central Park City features one-, two-, and three-bedroom fiber-enabled apartments located in modern high-rise blocks.
This urban design offers an attractive lifestyle with biometric security, retail hub, clubhouse, braai area, parks, sports courts, and playgrounds.
The developer has included an on-site nursery and aftercare center for working parents, and its proximity to top universities such as UJ and Wits makes it attractive for young professionals and students.
Residents will have access to a shopping village anchored by Pick n Pay and Clicks, a laundromat, an outdoor gym, a skateboard rink, an Astro five-a-side soccer court, and even a pickleball court.
Greening features include gas-fired geysers and stoves, solar power and battery storage to help residents cope with load reduction up to Stage 4.
Pricing and financing options are central to the development’s appeal. Apartments start from just R595,000.
Qualifying first-time buyers can access subsidies through the First Home Finance (FHF) scheme, which applies to households with a monthly income of between R3,501 and R22,000.
The development will also secure Edge certification for energy and water efficiency, enabling access to green mortgages.
Additional incentives include favorable interest rates negotiated with banks through mortgage originator oaba, and a 5% discount on the purchase price for the first 25 buyers.
Gauteng market is back
Mr Seeff said the recent 1.25 per cent drop in interest rates since last September has further improved affordability and made buying more attractive than renting.
Given the strong rental demand for lifestyle properties, investors are also expected to show interest.
The launch of Central Park City comes at a time when Gauteng’s property market is regaining momentum.
After two years of flat sales, sales activity is picking up. Mr Seeff said the return of buyers to Gauteng, including a “reverse migration” from the Cape, reflected the affordability and greater economic opportunities available in Johannesburg and Pretoria.
Lightstone research confirms this trend, showing that Gauteng has the highest rate of rural-to-urban migration. Many newcomers rent first before moving into ownership as their financial situation improves.
“Buying at the bottom of the sales cycle means you can benefit from increased capital when the market starts to move in a big way again,” Seeff said.
Stephen Whitcomb, MD of Johannesburg-based FIRZT Realty, agreed that activity is picking up.
“Buyer interest in Johannesburg has really accelerated in recent months, with our agents reporting higher showday traffic, stronger offers and faster sales than before the pandemic,” he said.
He added that sales volumes are already approaching levels last seen during the 2021 mini-boom.
Mortgage loan originator BetterBond also reported a 12% year-on-year increase in mortgage applications, the highest since late 2022.
At the same time, real estate prices have shown a real increase after inflation. FNB’s latest Residential Property Barometer shows that freehold homes grew by 3.7% year-on-year in July, and sectional title homes grew by 3.8% year-on-year, outpacing inflation at 3.5%.
Central Park City is marketed as a new urban community designed with family living, safety and convenience in mind.
Developers and thieves expect strong demand due to its affordability and because such projects often show good capital growth even before occupation.
For Johannesburg, this development is both a response to urgent housing needs and a sign of renewed confidence in the state’s real estate market.
central park city
