Cape Town’s Luxury Penthouses

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01 Feb 2013

In the last three years, as luxury buyers vie for the best location and views, 14 penthouses sold at an average price of over R20 million to the total value of R445 million on Cape Town’s Atlantic Seaboard.

This V&A Waterfront, Pinmore penthouse is worth R65 million through Seeff.

This is according to Seeff Atlantic Seaboard managing director, Ian Slot.

Half of these are at the V&A Waterfront and include the One & Only penthouses, which range from 800 square metres to 1 275 square metres. With private pools and panoramic sea and mountain views, they sold at an average rate of R112 000 per square metre at record prices of up to R110 million.

Unparalleled views, luxury finishes, privacy and exclusivity influence the price. Even with the tight market conditions, buyers are still paying well above R20 million for the exclusivity, says Slot.

These homes were all cash deals to local, Joburg and international buyers. While most are investment and second home buys, penthouses are becoming a sought-after residential option for luxury buyers.

The Melville penthouse is priced at R7.995 million through Seeff.

Sales also include a 500 square metre penthouse overlooking the V&A Marina, that sold for over R30 million at R64 000 per square metre and a 518 square metre Bantry Bay penthouse that recently sold for R23.5 million at R45 364 per square metre.

A 917 square metre penthouse in Two Oceans Beach, in Mouille Point, sold for R42 million while in the CBD, two penthouses at 15 On Orange sold for R25.25 million. Four penthouses sold in Canal Quays on the Foreshore at R23.84 million, at an average rate of R17 273 per square metre.

Penthouses are, on a square metre basis, the most expensive real estate in the country, selling at an average of R78 000 per square metre at the V&A Waterfront, says agent, Emelia van der Linde.

She says with the One & Only penthouses now sold, the most expensive penthouse on offer is the 833 square metre duplex Pinmore penthouse at the Waterfront that is listed at around R65 million. This equates to about R70 000 per square metre, compared to apartment rates on the Front Yacht Basin at R47 392 per square metre and on the Canal at R39 236 per square metre.

The apartment ticks all the boxes of what luxury buyers are prepared to pay for and comes with stunning views, wrap-around terraces, a private pool, own elevator, heating and cooling, three lounges, a dining room, designer kitchen, three bedroom suites, garaging for three cars and a store room.

A 600 square metre penthouse at The President is listed at R45 million while a 400 square metre penthouse at the new The Bantry Bay development (which is 90 percent sold out) will set you back R15.5 million, say agents, Adrian Mauerberger and Rosa Karp.

Bantry Bay penthouses are now fetching between R45 000 per square metre and R65 000 per square metre on average while it will cost between R55 000 per square metre and R60 000 per square metre for a Clifton penthouse.

Fresnaye and Sea Point penthouses will set you back between R28 000 per square metre and R36 000 per square metre, depending on location and finishes.

The city’s penthouses have also achieved average capital growth rates of eight to 15 percent over an eight year period, says Slot. A Front Yacht Basin penthouse at the Waterfront for example was bought from the developer in 2003 for R12.9 million and resold three years later at R19.5 million at a capital growth of 15 percent. It sold in late 2011 for R26.79 million at an average growth of 10 percent over eight years.

According to agent Michelle Shane, in Sandton’s Michelangelo Towers, in the last year two units sold at R26.75 million and R26.75 million. A fully furnished, 171 square metre apartment with 5-star luxury and breathtaking views will cost you R20 million.

The 441 square metre duplex penthouse in The Melville in Illovo will cost you R7.995 million (R18 130 per square metre). It comes with stunning views, a rooftop entertainment terrace, private pool and luxurious interiors including an Italian kitchen, say agents, Lucy Jacobson and Shira Hanan.

Monaco, London and New York have the most expensive penthouses in the world.

A Monaco penthouse is believed to have sold for USD308 million to an Arab Sheikh while London’s One Hyde Park (Hyde Park) penthouse offering stunning views across the Serpentine Lake sold for USD220 million.

New York’s 2 500 square metre, three floor City Spire penthouse that overlooks Central Park is on the market for USD100 million. It has 135 windows and each floor has wrap-around terraces with dramatic views, apparently the highest in the city.

It comes with two elevators (one of that serves the three floors), a media room, 20-seater dining room, conference hall, art gallery, separate staff apartment and wine cellar and the main bedroom suite occupies an entire floor.

The New York by Gehry penthouse (designed by world-famous architect, Frank Gehry), the highest in the USA, will cost you USD 60 000 per month to rent. 

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