The most expensive property in Johannesburg is the super-luxurious roof apartment on top of the 34-storey Michelangelo Towers development in Sandton.
However, the Cupola suite is not on the market and is owned by the Legacy group. Bart Dorrestein, chairman of Legacy, believes the 600sq m apartment, which stretches over three storeys, could be sold for more that 85sqm. It is currently being let for R50k a day, although the demand for it is low.
The prices compare well with super-luxurious properties in the V&A Waterfront in Cape Town where prices range between R60k and R100k per sqm.
The development with its 194 luxury suites of between 72 and 600sqm has risen in value over the last two years despite the recession. Dorrestein says the development's was valued at R800m at completion two years ago. It is now R1,2bn.
The Michelangelo is but one of the group's luxury developments and it is soon opening its fourth luxury en suite hotel development on the Nelson Mandela Square. The hotel, the Da Vinci, is part of the Legacy Corner mixed use development valued at R750m. This development includes 166 rooms in the hotel, 55 luxury suites and retail space.
The units, of which 80% have been sold off-plan, fetches super prices of between R25m and R50m.
The retail space has already been launched, while the hotel and suites will be ready early next year in time for the Soccer World Cup.
Dorrestein says it is part of Legacy's strategy to create a holistic brand that combines lifestyle products with retail, restaurant and entertainment facilities. Legacy's other developments on the Sandton Square include the Michelangelo hotel, the Michelangelo Towers and the Raphael Penthouse suites.
Dorrestein says the Michelangelo hotel has developed into an iconic hotel, which is stronger than the Legacy brand, and he believes the new Da Vinci hotel will be getting a similar status. The group is busy upgrading the Michelangelo hotel's rooms at R45m.
Legacy's hotels on the Nelson Mandela Square are part of the handful of hotels that will accommodate the official Fifa delegation.
Although he's slightly concerned about the competition of other luxury hotels being brought to market in Sandton, he believes the location of Legacy's hotels in a prime spot in Sandton is the group's competitive advantage.
"Hotels are currently the flavour of the month, but the challenge would be what happens after the World Cup." – Elma Kloppers, Sake24
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