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
Characters remaining

    Latest Property News
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us