Luxury, high-rise ‘Manhattan-style’ apartment living gains traction in Sandton

Aside from the convenient location and sought-after address, these developments come with 5-star luxury living spaces and amenities such as a 24/7 concierge service, restaurant facilities, a spa and gymnasium and an indoor/outdoor swimming pool (often both). 

4 Bedroom Penthouse for sale in Sandhurst, Sandton

Of utmost importance to buyers and residents of these high-rise apartments, is the state-of-the-art, “Fort-Knox' security and privacy on offer, says Michelle Shane. Most apartments, especially those a little higher up, enjoy stunning views across the city while the often multi-floored penthouses are almost unmatched in terms of luxury living and views.

While it used to be a stepping stone for young or first time buyers who would later move to a freehold house, apartment living in vibrant neighbourhoods is a growing trend here especially amongst professionals and executives with busy careers and lives and those looking to downsize and now opt for a convenient and secure lock-up and leave lifestyle. 

2 Bedroom Apartment for sale in Michelangelo Towers - Sandown Sandton

Given that Sandton has become the business and financial powerhouse in the country, we are also seeing an increase in corporate and foreign buyers who need a luxury pad for delegates and visitors. Most buyers of these trendy apartments that come with price tags in the upper millions are cash buyers, says the agent.

Aside from the sought-after address, cosmopolitan facilities such as Sandton City with its top class international brands, retail and restaurant facilities, cinemas and the open-air Nelson Mandela Square lined with trendy restaurants add to the attraction. Top clubs, theatres and other leisure facilities are also either close by or a short drive away. The Gautrain station has brought added convenience for those flying into and out of the city.
Prices of these posh apartments vary depending on the complex and facilities, but they are fetching considerably higher prices, says Shane. For example, a 550sqm unit in Michelangelo Towers sold for R35 million in 2009 while a sensational penthouse at the Regent is now on the market for R60 million. As a general guideline, buyers can expect to pay upwards of R40,000/sqm for an exclusive apartment while rental rates range upwards of R35,000 to around R75,000 per month.

At the DaVinci Suites which is located in the DaVinci hotel on Nelson Mandela Square, residents enjoy the very best of 5-star living with access to the hotel's facilities that includes a fitness centre, spa and heated swimming pool, restaurant and lounge and business meeting and banqueting facilities. Access to Sandton City and the Nelson Mandela Square is just an elevator trip away. There are 54 luxury suites with stunning views along with four, glass encased duplex penthouses that enjoy panoramic views across the city. This development is so sought-after and there is currently a rare to see unit on sale here, says Shane. Priced at R10 million, the 104sqm apartment comes with two luxurious bedrooms suites and an open-plan living area that includes a lounge and dining area and designer kitchen. It is fully furnished with interiors done by leading designer Stephen Falcke.

Comparatively, apartments in Clifton on Cape Town's Atlantic Seaboard currently sell for between R100,000 and R120,000/sqm on the seaside of Victoria Road and at between R50,000 and R60,000/sqm on the mountain side, says Atlantic Seaboard agent, Lance Cohen. At the V&A Waterfront, apartments on the Front Yacht Basin are selling for around R66,000/sqm and on the canal, for around R43,000 per square metre. 

Apartments in Mouille Point are now achieving between R30,000 and R45,000/sqm. Luxury sectional title agent, Adrian Mauerberger says that Bantry Bay apartments are selling for around R55,000/sqm while Fresnaye and Sea Point upper end apartments are fetching an average rate of around R35,000/sqm.

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