05 Feb 2013
Recent residential property buying trends in the Western Cape and South Africa as a whole, suggest that a R120 million ultra luxury home on Cape Town’s peerless Nettleton Ridge in Clifton may well attract a buyer from sub-Saharan Africa’s growing list of US dollar billionaires.
This is the view of property entrepreneur Stuart Chait, founder and executive chairman of Cape Town based Land Equity Investments.
He says buyers at this level are mainly families from London or one of sub-Sahara’s fast-developing, natural resource-rich, countries like Nigeria, DRC, Congo or Ghana.
“Apart from buying property, these are the people who invest in South Africa, create jobs and add significantly to our economy,” he says.
According to Chait, World Bank figures show that net capital inflows to sub-Saharan Africa are expected to rise from US$65 billion in 2012 to $86 billion in 2015.
He says as this growth unfolds, the region’s high net worth individual (HNWI) investment interest in prime Cape Town property should rise incrementally.
At this stage, 20 percent of all residential property buyers in South Africa are from African countries, he adds.
House 3, as the R120 million home is known at its current development stage, is the last of four exceptional residences in Nettleton Ridge, an exclusive R450 million cul-de-sac development that is Clifton’s first gated estate.
Located below Lion’s Head, between Nettleton Road and Victoria Road, the home has breathtaking views of the Atlantic Ocean across Camps Bay and Clifton, and clear sight of the Twelve Apostles.
It is without a doubt one of the addresses in South Africa that is most sought after by both local and foreign HNWI investors in residential property, says Chait.
The developer’s brief to Peerutin Architects was to create Bauhaus-influenced, contemporary architecture with lateral living and clean lines – and to ensure utmost privacy and the highest level of security.
Extensive local and international market research shows that when looking to invest in Cape Town, foreign buyers are particularly focused on security, lateral living and lock-up-and-go, says Chait.
Built to ensure ultimate privacy, by use of setbacks and landscaping, the home has 1 280 square metres under roof; 741 square metres of balconies; a massive garden terrace; and a 25 metre heated rim flow pool.
Key elements of the spacious accommodation provided are a master suite, three en suite bedrooms, a further two large guest suites and ample staff accommodation and facilities.
Other features include a kitchen of the highest international standard, large-scale living and entertainment areas that include a gym, spa, office, media room, a server room, bar and extensive wine cellar, and a panic room.
The home also offers garaging for six vehicles, a safe and private environment supported by 24 hour security systems and a guard house, an intelligent home system and an internal lift.
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