Gated estates sweeten sale with private school

The posh and well-heeled are used to affording lifestyles in gated communities, with exotic cars, fully furnished apartments and paid tuition for their children's schools. But now it is being handed to them.

As competition heats up among developers of gated residential estates, many are using promotions to set themselves apart.

Somerset Lakes estate in Cape Town is offering a year of free private schooling at the adjacent Reddam House with each new property purchased, while the country's top estate, Val de Vie, gave away a R4-million Ferrari to a new buyer on the Paarl estate.

"Some of the bigger estates that have come to the market have been quite innovative in promoting themselves," said national executive for sales at Pam Golding Properties Jason Shaw.

"Steyn City [in Johannesburg] gave away a furnished apartment valued at R5-million and have used television to promote themselves, as well as hosting charity events, fashion shows, game auctions, equestrian events and a number of other high-profile functions."

Shaw said the residential estate boom first started between 2006 and 2010, and supply for estates was generally meeting the demand.

According to Lightstone Property, which provides market intelligence on properties in South Africa, there were 340289 estates in the country with a collective value of more than R700-billion.

Fourways in Johannesburg, Centurion, Pretoria and the Cape Winelands were the most popular regions.

Property expert Annien Borg said the trend towards acquiring homes on secure estates was driven by several factors, including security.

Spokesman for Somerset Lakes Jan Minnie said convenience was another drawcard, adding that schools built in conjunction with estates resulted in a 10% to 15% property price growth compared to areas with pre-existing schools.

"The more one offers in terms of recreational facilities and convenience, the more likely people are going to be attracted," Minnie said.

"If the children can walk to school, it helps from the point of the amount of time people can devote to the lifestyle continuations of living there."