DURBAN - The price ceiling for a Cape Town City Bowl apartment has just lifted to a record price of R22.5 million for a luxury penthouse in Higgovale sold by Madelein Armstrong, an agent with Seeff.
The buyer is a local who will be using the property for residential purposes. The property was on sole mandate with Seeff and sold within six weeks.
The unit achieved a selling rate of R77,586/sqm and is one of only two apartments which have sold above R20 million, both of which sold this year, and the other being an apartment in 15 on Orange.
The 290sqm unit is situated in a small, exclusive block of only four units. It offers all the space and features of a house including a with a private, tropical garden, deck and swimming pool combined with the security and lock-up-and-go lifestyle of an executive penthouse apartment. It has stunning views and comes with three bedroom suites, a designer Italian kitchen and bespoke finishes throughout.
Armstrong said that sectional title property in the City Bowl is experiencing a surge in demand as people look for more of the convenience offered by a lock-up-and-go lifestyle. All over the world, busy executives, celebrities and high profile entrepreneurs tend to favour apartments including penthouses for the exclusivity, security and convenience, she says.
That said, penthouses are quite rare, hence they tend to fetch significantly higher prices. Being at the top of the building, they also offer a set of unique benefits not necessarily enjoyed by other apartments. These include having no neighbours, expansive outdoor areas and views, direct lift access and so.
Ross Levin, Director for Seeff Atlantic Seaboard and City Bowl says that despite the challenging market conditions, there is always a level of interest in exclusive properties. He says further that the City Bowl is seeing a rise in luxury buyers who are drawn to the mountain, greenery, ease of living and better value that can be found here compared to the high prices of the neighbouring Atlantic Seaboard.
We have therefore seen a notable rise in the price ceiling, but so far it has been predominantly houses in Oranjezicht and Higgovale that have breached the R20 million price market, and this is the first time that we have seen apartments breach this price level, he adds.
Levin says further that the City Bowl offers a number of benefits to buyers. Aside from the excellent lifestyle benefits, it still offers more accessible pricing.
The City Bowl suburbs also offer many Art Deco buildings with bigger rooms and balconies which are ideal for renovation, all still well-priced below R3m. New development though range well above this.