Durban-based developer, Devmco Group has achieved R36 million in residential property sales in only 1 week.
As the team behind OceanDune Sibaya, Pebble Beach Sibaya, Gold Coast Estate and co-developers of Umhlanga Arch, Devmco Group has certainly made its mark on Durban’s northern coastline and is not a stranger to this kind of success. The sales from across all 3 of its residential developments
demonstrate the demand for a range of home types, from freestanding to sectional title apartments, within secure managed estates.
Devmco Group took a leap of faith in 2015 and were the first private developers to invest in the Sibaya Coastal Precinct and one of their first residential developments, Pebble Beach Sibaya achieved R675 million in sales on launch day; a real testament to the precinct and the desirability of the product on offer.
Charles Thompson, CEO of Devmco Group shares, “We are passionately Durban and invested into the Sibaya Coastal Precinct, with the development of OceanDune, before anyone else did. With Pebble Beach Sibaya, we delivered 160 off-plan units, from sale to transfer, in only 14 months; part of what enabled us to do this was the market’s reaction to this new development and the phenomenal sales success which resulted from it.”
The property development industry norm for delivering a development of this size from off-plan sales phase to transfer is about 24 months. The results of Devmco Group’s efforts certainly break with this trend and their success has not stopped there. Despite a tumultuous market and negative pre-election musings, their latest success story paints a positive picture not only for the developer but also the property industry regionally. Devmco Groups most recent sales success of R36 million in one week, is a direct result of market demand which has pushed the developer to release the last remaining developer stock at both Pebble Beach Sibaya and OceanDune Sibaya.
“To achieve R36 million in sales in 1 week is staggering, especially in the current economic climate. These results show us that the property market in this sphere is robust and indicate that we may be at the start of an upward trajectory; there is a strong demand for what we, as developers, are offering to the residential property market.” Says Thompson.
Also located within the Sibaya Coastal Precinct, Gold Coast Estate boasts phenomenal success with 170 off-plan homes launched and 80% sold out in only 5 days from launch. Despite being a premium product in the higher price range, buyers were not scared off which has resulted in Gold Coast Estate coming to fruition sooner than expected.
Designed as a one-stop solution, Devmco Group’s success is in part, due to keeping their finger on the pulse and also looking to the future, as Thompson explains, “By listening to our market and controlling the development chain, we are able to deliver what we promise on-time and without compromising on quality in any facet. As developers, we also have a future vision and a sustainability drive which encompasses the positive results which cascade from what we do, such a creating jobs but also being able to actively play a role in the greater sustainability vision within the Sibaya Coastal Precinct. We have set up our office within the Precinct, right across the road from our very first development and we are here to stay!”