select
|

PGP secures R34.5 million for top Bantry Bay apartment

Pam Golding Properties (PGP) has sold a luxurious penthouse apartment in Bantry Bay for R34.5 million – the highest price achieved for a sectional title unit in this suburb in the past five years.  

The 653sqm penthouse in the iconic building “The President” was bought by a resident of Bermuda, for holiday use.



PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says the unit sold within two months of listing – a sure indication not only of its luxury appeal and magnificent setting, but also of its investment value.  “The price achieved reflects a value of close to R53 000 per sqm,” says Moraitis, “which is in line with the levels being achieved prior to the onset of the global economic crisis.  In fact, this building has always enjoyed steady price growth – from a starting point of some R5000 to R10 000 per sqm in its first five years (the early 1990’s) to R40 000 per sqm in the boom period of 2006 and now even more, it has kept climbing regardless of market fluctuations.  This is due not only to its outstanding location on the water’s edge and its excellent facilities, but also to the fact that it is one of the best-maintained buildings in Cape Town, with immaculate gardens, a cluster of swimming pools, ample visitor parking and excellent 24 hour security.”

Area specialists for PGP’s luxury Atlantic Seaboard sectional title market, Mel Truss, Minette Munitz and Farrel Kelman note that over the past six months (March-July 2013) there has been an influx of international buyers purchasing trophy properties on the Atlantic Seaboard.  “This renewed interest confirms the value of our prime coastal property, and particularly those positioned right on the water’s edge,” they say.  “Certainly in the case of this particular penthouse, the lifestyle offering was on a par with the very best apartments one might find in London or New York. The apartment had previously been redesigned and renovated to the very highest specifications, by one of our leading local captains of industry, and offered the very best luxury finishes and fittings.  The buyer saw an opportunity to acquire this lifestyle of relaxed elegance and obtain one of the best addresses in Cape Town, as well as securing an investment with long term growth potential.”



The lifestyle on offer is indeed superlative.  The penthouse apartment is located right in the front of The President, enjoying a northerly aspect as well as wraparound views to the west across the whole of Bantry Bay, ensuring magnificent sunsets all year round.  The accommodation includes a plush master bedroom suite with “his and hers” bathrooms and dressing rooms as well as a sauna.  The apartment has a second bedroom suite as well as ample reception areas for both formal and informal entertaining.  These lounge and dining areas flow onto an outdoor deck with a private plunge pool and barbecue area.  Other features include a library, state-of-the-art walk-in wine cellar and gourmet kitchen, as well as two secure parking bays.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Feb 2018
      Situated approximately halfway between Johannesburg and Pretoria, Midrand was established in 1981 and forms part of the City of Johannesburg Metropolitan Municipality. It has become one of the major business hubs in the country with major pharmaceutical, textile, telecommunication and motoring giants situated within its boundaries.
    • 19 Feb 2018
      The PayProp Rental Index Annual Review of 2017 shows that the rental market suffered from much volatility during the year. It kicked off with rental growth spiking in January with weighted year-on-year growth (YoY) growth peaking at 8.3% before dropping to 6.34% in July, dipping down to less than 5% in November and then experiencing a slight uptick at 5.75% in December.
    • 19 Feb 2018
      While most homes in cluster complexes, estates and other gated communities come with at least one garage or carport, residents would often like additional permanent parking or storage areas for things like trailers, bikes, boats and caravans.
    • 16 Feb 2018
      Whether you own a property in a sectional title complex or are looking to invest in one, the financial standing of the body corporate is the single most important thing that can affect your investment or your buying decision.
    • 15 Feb 2018
      One positive consequence of the financial crash in 2008 was the rise in consumerism, especially in the property market, where buyers have steadily become more knowledgeable and more value conscious.
    • 15 Feb 2018
      While most homeowners will take the agent’s commission into consideration when they are trying to determine what the will get out from the sale of their property, many often forget to factor in the other costs involved in a home sale, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 14 Feb 2018
      The forecast for the national rental market in 2018 remains a mixed bag of good news and bad news. Although rentals are expected to rise slowly as the challenges of home affordability and tighter lending criteria tighten their grip, it’s a double-edged sword as the market also will come under increasing pressure from factors like declining disposable income levels.
    • 14 Feb 2018
      While you may not have intended to place your home on the market, what do you do if you receive an unexpected offer on your home? In areas where demand outweighs the current supply of homes available to buyers, it is not unheard of to have buyers make offers on homes that aren’t on the market, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK