Property News
As Sandton’s skyline becomes denser and higher, residential buildings are being sold off and slowly demolished.
At Central Square, a one bedroom apartment starts at R2.25 million for 89 square metres, positioning this new address favourably in the market.These sites have been earmarked for AAA-grade commercial properties as the demand for office space grows exponentially, and this has subsequently led to a shortage of quality residential property to meet the growing demand of Sandton.
This is according to Sergio Aquino, CEO of Lushaka Investment, the company that developed the latest high-flyer Central Square. Situated in the exclusive suburb of Benmore, Sandton, it promises a new phase in elegant living. The refined apartments and retail space is soon to be the frontrunner in the luxury category of residing in South Africa’s business nucleus.
Having launched mid-October, the response from the market has been good thus far. Aquino says all is going remarkably well and according to plan, with just over 60 units sold. “Looking forward, we want to have signed up 80 transfers by the end of the year.”
Eight of the 12 exclusive high-rise penthouses have already been sold, and the 13th penthouse, the magnum opus ‘white box’ is still in design and will be bespoke with a private lift and a view that’s enviable.
The show unit was a great marketing tool for the surge of sales, and with their competitive prices, Central Square will start construction early next May.
Identifying a gap between affordable pricing in the Sandton area and exclusive living at a valuable cost, the development team is coming in at around R33 000 per square metre, compared to the average rate of around R40 000 per square metre in Sandton. At Central Square, a one bedroom apartment starts at R2.25 million for 89 square metres, positioning this new address favourably in the market.
There is a huge demand for those individuals downsizing to smaller places where maintenance and security are taken care of, and also for those who want a lock-up-and-go. Investors are also interested, there is an enormous shortage in rental market and these apartments fill that gap, says Aquino.
He says the uniqueness of the apartments lends itself to good sales and people are drawn to the beauty of the building and the ultra-convenience of retail shops on site and the central location.
The precinct will house retail space, residential apartments, a central square park and a bustling piazza. Unique features include fully integrated kitchens with premium kitchen appliances, a rooftop restaurant, sky bar and 25 metre long rim flow pool, gym and a massive central park at 4 910 square metres - complete with water features and gravel paths.
In the last 30 years, most major companies have moved away from the Johannesburg CBD to Sandton. Considered by many to be the 'richest square mile in Africa’, major firms have invested in Sandton property, and this has brought many JSE-listed companies to neighbouring addresses.
In the process, the centrally located residential and shopping node has been transformed into Johannesburg’s new business hotbed and residential property point. The Gautrain Sandton station, with a direct route to the international airport, has attracted commuters, international travellers and business people, who have set up local offices, and are now conducting business in the area with ease.
What is fast becoming a grid-locked hub during peak hours, the individuals who will commute to work in these and other developments will seek to live close to their new offices, as well as the high-street lifestyle that the inner Sandton precinct has to offer.
A shuttle service will be offered every 30 minutes to locations around Sandton and the Gautrain station. A striking address, this sought-after location is close to hospitals, schools, shopping centres, and the Sandton CBD.
For more information, contact Melissa Jane Cook via email.
