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GROWING MARKET FOR SEAFRONT APARTMENTS IN SEA POINT

The suburb of Sea Point is one of Cape Town’s most vibrant urban areas, home to some 25 000 people and famed for the Promenade stretching the length of its seafront.  In recent years the suburb has seen major investment in commercial and residential property, with many older buildings being refurbished and a number of new landmarks being erected on its main thoroughfares.  The result is a dynamic area, buzzing with energy, and peppered with top restaurants, hotels, guest houses and residential complexes.  Pam Golding Properties reports that the suburb is highly sought-after for its trendy lifestyle and convenient location, just five minutes from the central city and the V&A Waterfront.

PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says there has been a noticeable steady growth in demand for luxury beachfront apartments in Sea Point over the past few years.  “In 2009,” he says, “there was only one apartment sale of over R5 million in the entire suburb.  In 2010, that number climbed to six – five of those sales being concluded by PGP agents.  Among these was the highest price achieved in the suburb in the last five years – R8.4 million for a 240sqm two-bedroomed apartment in The Atheneum on Beach Road.  The demand is continuing into 2011, and we have already seen three sales over R5 million this year, including an apartment in Bordeaux on Beach Road, which PGP sold for R6 million.”

Moraitis says that while some other areas have seen sales level off due to the global economic downturn, Sea Point has continued to set new highs.  “This is due in no small part to the World Cup, which sparked a major clean-up of the area and a reduction in crime levels, making the suburb more sought-after as both a residential area and tourist destination,” he says.  “The very active Sea Point Central Improvement District, which was established in 2002, has also championed efforts to keep the suburb clean and crime-free.  As a result, the past decade has seen the suburb completely rejuvenated, with significant architectural and social change impacting on the nature of property developments and the type of buyer being attracted to the area.  One only needs to look to the Promenade itself to see how the area has improved – dingy old buildings have been torn down, exciting jungle gyms have been erected for children, and we have even seen the Promenade turned into a temporary public sculpture museum, courtesy of the 18-figure sculptural narrative ‘Walking the Road’ by artist Marieke Prinsloo Rowe.  These statues of the little girl and the dragonfly, stretched over a 1.1 kilometre area, have attracted much public interest over the past year, and have demonstrated at a very practical level how the suburb has transformed itself into a vibrant and forward-thinking area.”

Moraitis notes that Sea Point experiences particular demand from buyers wishing to downscale from larger homes elsewhere in the city, opting for the convenience and security of apartment living, as well as the lifestyle elements of living close to the Promenade, the V&A Waterfront and any number of exciting restaurants and shops.  “We are currently experiencing a surge in demand from Gauteng-based buyers wishing to relocate to the Cape,” he says.  “They see this as a well-run city with a highly desirable lifestyle.  They are also drawn to the suburb’s older buildings which are ideal for renovation, allowing buyers to customise properties to their own taste.  The older apartment buildings are now selling for around R22 000 to R25 000 per square metre, and we are seeing a number of buyers completely re-designing these units and transforming them from rather old-fashioned apartments into light, open, modern spaces.”

Among the properties currently for sale through PGP in this category is an apartment in Arthur’s Seat Mansions, a building occupying a prime position on the beachfront strip, with the Promenade just a few metres from its front door.  The 256sqm unit occupies a highly desirable position in the building, on the north-east corner, facing the sea.  PGP’s area specialists, Lara Derman and Farrel Kelman, say the unit would be ideal for remodelling and renovation to the buyer’s own personal taste.  The apartment offers four bedrooms, two bathrooms and three open balconies.  It is characterised by large rooms and uninterrupted sea views.  Staff accommodation and a lock-up garage are included in the price of R5.4 million, which equates to just over R21 000 per sqm.

To view the apartment in Arthur’s Seat Mansions or for more information on property in Sea Point, call PGP agents Farrel Kelman (083 501 5015) and Lara Derman (082 787 8706), or contact the PGP office on 021 439 7415 or seapoint@pamgolding.co.za.  You can also visit the PGP website at www.pamgolding.co.za.  PGP’s area manager Basil Moraitis can be reached at basil.moraitis@pamgolding.co.za.
**All prices quoted are actual selling prices, and all sales mentioned were concluded by Pam Golding Properties.


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