Cape Town Seaside Apartments in Demand

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07 Nov 2012

Apartment sales on the Cape’s Atlantic Seaboard already top R1.1 billion this year and big-budget investors are shopping for luxury apartments again.

This two bedroom, beach-front apartment in Clifton is on the market for R24.95 million.

This is according to Seeff, who have concluded two big ticket cash sales of R23.5 million and R21.5 million, with more deals in the pipeline. These are some of the highest prices paid for apartments this year and both are South African buyers, including a Johannesburg investor.

The first is one of three penthouses in The President and offers 518 square metres of floor space, three bedrooms en suite and a large terrace with a private swimming pool.

The second is an apartment in The Bantry, one of the coastline’s most exclusive luxury complexes, located on the sea side of Victoria Road in Bantry Bay. The building has full ocean views, state-of-the-art security and a 24-hour concierge service, say area specialists, Adrian Mauerberger and Rosa Karp.

The apartment is one of 15 and has 315 square metres of floor space with three bedrooms and a large terrace with a private swimming pool.

A view of the lounge of a luxurious Clifton beachfront apartment.

Both apartments sold for within 20 percent of the asking price, and the agents say this is a typical scenario at the top end of the luxury sectional title market. There is more interest in the big-ticket, R20 million and above market this year compared to last year, says Slot.

This year, twenty properties have sold in this price band including 6 luxury apartments, compared to 12 sales, which included 4 apartments, during the same period last year. Pricing remains a factor, as big-budget buyers know what they want and how much they are prepared to pay.

The city’s luxury coastal apartments continue to demand the highest values in the country, says Slot. In Bantry Bay, buyers are now paying between R40 000/square metre and R70 000/square metre and around R30 000/square metre in Fresnaye, say Mauerberger and Karp.

Clifton’s luxury seaside apartments command rates of up to R70 000 and R100 000 per square metre. A two bedroom apartment in Eventide, one of the country’s most exclusive apartment complexes on the sea side of Victoria Road, sold for R25 million.

Seeff is currently marketing a similar apartment at R24.95 million (R87 500/square metre). The development has direct beach access and was designed by Stefan Antoni Architects, renowned for many iconic developments on the city’s Atlantic Seaboard. It is a corner unit with two bedroom suites, an open-plan living area, a dining room, lounge and trendy kitchen. These open onto a wrap-around deck that overlooks the ocean. There is also a glass-feature wall that separates off a private study. The property includes two store rooms, parking for two vehicles, top class security, a 24-hour concierge service and a communal swimming pool, says area specialist, Gail Gavrill.

Apartments at the V&A Waterfront in complexes such as Pembroke on the Front Yacht Basin, are achieving average sales rates of R64 257/square metre, while the average rate for apartments here are between R52 000/square metre and R61 453/square metre, says area specialist, Emelia van der Linde. Apartments on the Canal are now averaging at R42 000/square metre.

By comparison, Johannesburg’s most expensive apartments, the Michelangelo Towers and Da Vinci, currently cost between R52 000/square metre and R96 000/square metre. Only two residential properties, priced above R20 million were sold in the city this year; both freestanding homes in Hyde Park with R22 million being the highest price paid.

Cape Town’s Atlantic Seaboard remains hot property, both in terms of its luxury apartments and villas says Slot. In addition to the city’s already long list of international awards, it was recently named by Condé Nast Traveller as the second best city in the world, a sentiment seemingly echoed by buyers, he says.

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