Johannesburg’s Central Park City will deliver over 3,450 affordable apartments from R595,000, offering financing incentives to make first-time homeownership more accessible.
Samuel Seeff, chairman of the Seeff Property Group, said there are also great incentives for first-time buyers. The aim is to make homeownership more attainable than ever.
Located centrally in the Newlands/Sophiatown area and developed by Urban Dev Property Development, the Seeff Randburg branch will exclusively handle sales.
The apartments will be fibre-ready and set in multi-storey blocks. They will have a choice of one, two, or three bedrooms. It will offer a number of lifestyle and luxury amenities at an attractive price with favourable financing options.
Features include biometric security and luxury amenities such as clubhouses, Pickleball, braai facilities, sports courts, playgrounds, parks, child care, a swimming pool, and a central retail hub.
With Prices starting at just R595,000 and finance and incentives available, the development is tailored for first-time buyers. Seeff said it is a breakthrough in affordable housing for Johannesburg.
The development targets first-time buyers through the First Home Finance (FHF) scheme, which enables a once-off housing subsidy to qualifying buyers with a monthly household income of R3,501 to R22,000.
The developers have already secured EDGE Certification (Excellence in Design for Greater Efficiencies) for energy and water efficiency and sustainable building.
This provides buyers with access to green home loans and benefits, including a 0.25% interest rate concession and a cash-back incentive of up to 3% of the loan value (maximum R56,000). Seeff said this could cover up to three months’ bond repayments.
There are also additional interest rate concessions which have been negotiated via mortgage originator Ooba, with the major banks for preferred clients. Additionally, Seeff said, the first 25 buyers will get a 5% discount on the purchase price.
Opportunity for property investors
Seeff explained that the recent interest rate reductions of 1.25% since September 2024 mean buying is now definitely more affordable than renting.
According to Ooba, home loan application volumes increased by 18% in the first quarter of 2025, rising from an index level of 76 in Q4 2023 to 90 in Q1 2025.
There has been a steady return of first-time homebuyers to the market, with a 1% increase recorded year over year.
Ooba Group CEO Rhys Dyer attributed this growth to further rate cuts and better economic prospects.
“First-time homebuyers accounted for 46.5% of all applications for the quarter, a promising figure underpinned by a succession of interest rate cuts over a period of six months and subsequent rate holds,” Dyer said.
Seeff explained that the Central Park units are ideal for rental investments, given the high demand for rental housing in secure lifestyle developments.
Central Park City will offer security, convenience, and a quality lifestyle with future capital growth potential.
The location is close to several main arterials and transport facilities, such as taxis and trains. It is also close to good schools, the University of Johannesburg (UJ), and the University of the Witwatersrand (Wits).
Provision is also made for a professionally managed crèche and aftercare centre on site, which is a significant benefit for working parents.
The precinct will feature a shopping village anchored by household names such as Pick n Pay and Clicks. There will also be other curated stores and possibly a private gym.
Amenities will include laundromats, clubhouses, communal braai areas, children’s play areas, private and public parks, and sporting facilities, including combi courts, a full 5-a-side mini soccer astro court, Pickleball, outdoor gym, and skateboard rink.
Greening features include gas-powered geysers and cooking hobs, and solar PV systems and battery storage to mitigate load shedding to Stage 4.
A dedicated on-site office will house Seeff’s marketing and sales operations, property and body corporate management, and the security operations.
Seeff expects significant interest in the development. Aside from investing in a quality new home and luxury amenities, new developments also typically already see good capital value growth by the time of occupation, making it an attractive opportunity.