The Ridge Estate comprises two separate residential estates. The Ridge Villas consists of 7 stands ranging in size from 650m2 to 1000 m2. The Ridge Residences consists of 18 stands ranging in size from 500 m2 to 700 m2. Owners will take transfer of the stand directly from the Developer and will design their own house in conjunction with their architect, subject to adherence to the Estate Architectural Guidelines (Development Rules).
It is envisaged to commence construction of a 23 unit apartment block in the near to distant future and will only be commissioned once market conditions are right.
Each Estate will have its own home owners association (HOA) that has been set up with a constitution approved by the City of Cape Town. The HOA(s) will collect monthly levies which will be used to fund the estate security and maintenance of the common areas.
The constitution (and HOA) will come into force when the first stand is registered and transferred from the Developer to a third party purchaser.
The executive committee of trustees shall comprise of not less than 2 and not more than 6 members, one of which will be appointed by the Developer as the Developer Trustee for as long as the Developer is a registered owner of a strand(s). Every other member of the trustee committee must be a member of the association i.e. must be a stand owner.
The constitution, along with the Site Layout Plan, Management and Conduct Rules and Development Rules, have been registered with the City of Cape Town. Any amendments or introduction of new provisions can only be made by a special resolution adopted at an annual general meeting or at a special general meeting of the members. Any amendments need to be lodged with and approved by the City of Cape Town.
SL Trust will be appointed as the property managing agents for the Estate(s). The trustees, with the assistance of the property manager, will estimate the annual expenses for the purposes of maintenance, repair and improvement of the common areas, landscaping, security, insurance and other necessary costs to be reasonably incurred in connection with the management of the HOA and the common areas owned by the HOA.
Monthly levies shall become payable by the Owner on registration of transfer of ownership of the stand and the levy amount payable will be calculated proportionately based on the extent of the stand in relation to the total extent of all the stands in the Estate.
During the initial establishment of the development, the Developer shall, in its own discretion, make a contribution to the levy fund in order to ensure the proper and efficient functioning of the development.
The Villas – R7,60 /m2
Assuming an average plot size of 1 000m2, the monthly levy will be R7 600.
The Residences – R10,30 /m2
Assuming an average plot size of 600m2, the monthly levy will be R6 172.
Electricity, water and effluent removal will be provided by the City of Cape Town to the HOA as a bulk supply and will be distributed by the HOA. Each stand will be individually metered. Metering and billing for effluent removal is based on water consumption in line with the City of Cape Town bulk water supply and associated billing. These charges will be charged by the HOA in the monthly levy.
Assessment rates will be payable to the City based on the municipal valuation of the stand/completed house and the relevant tariff from time to time and billed directly by the City of Cape Town.
The City of Cape Town will establish the municipal valuation in accordance with their valuation policy, on transfer to the Owner. Rates will be levied at the applicable tariff based on the municipal valuation.
The Owner must commence with building within 18 months after the date of registration of transfer, and complete building within 18 months from date of commencement.
A penalty levy equal to the monthly levy will be payable to the HOA for every month until building commences i.e. a double levy will be payable monthly.
In order to protect views across both estates, an absolute height limit has been imposed on each stand.
In order to maintain privacy between each home and to provided green open space, a 3m planting corridor will be required on one common boundary between stands. The edge on which the planting corridor occurs on each stand is indicated on the site development plan and the landscaping guidelines specify planting within this zone.
The Estate entrances and guard houses have been designed with a robust security requirement and will be monitored and manned 24/7. The outer perimeter fence comprises high specification electrified fencing with a ring of CCTV cameras. For access control, a vehicle license plate capture recognition system will be installed as well as handheld scanning devices for visitor and contractor processing.
The security will be active on completion of the Estate infrastructure.
A fibre optic data network has been provided to each stand and to the guard houses. Each Owner will be responsible for his/her own internet subscription.
Because you will be buying directly from the Developer, VAT has been included in the purchase price and no transfer duty will be payable.
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