Century City still offers value for money

Situated about 10km north-east of central Cape Town is Century City, a 250-hectare suburb constructed as a mixed-use precinct, which includes residential, retail, entertainment and business components. 

With development starting in the area in 1997, Century City has seen vast expansion over the years with investment estimated to be in excess of over R10 billion so far and it’s still growing. In fact, the area saw such massive growth that there was some concern that it would cause decentralisation from the Cape Town CBD with many businesses and property investors seeing the benefit of being located in this vibrant commercial node.

Despite the demand in the region, there are properties in Century City that comparatively still offer good value for money, says Trevor Courtney, Broker/Owner of RE/MAX Property Centre, whose office services the area. “One of our agents recently sold a unique penthouse in the Manhattan development for R4.25 million, which is excellent value for money when you consider what the home offered in terms of location and features.”
Rob Downey, the sales associate at RE/MAX Property Centre who sold the apartment, says that it was an exclusive, one-of-a-kind property. “This 250m², duplex apartment with modern finishes was positioned on the 13th floor and offered 180° views over Century City’s waterways and canals and looked onto Table Mountain. The home even had a clear view of the 2013 soccer stadium in Green Point. The lower floor offered a gourmet kitchen and scullery with open-plan, wrap-around lounge, dining room and bar room. Upstairs housed three luxury, fully air-conditioned bedrooms all with full en-suite bathrooms,” says Downey.
He adds that the seller originally purchased two adjacent properties off plan at the development’s launch. Before construction of the building, with the help of the architect, he had the apartments consolidated into one dwelling, adding many upgrades and finishes that were above the developer’s initial specifications. Unfortunately, just before transfer he passed away and never had the opportunity to live in and enjoy his dream home in Century City. 

“The purchaser who purchased the apartment is a businessman from Durban who currently owns property within the area but needed more spacious accommodation and can really appreciate the value that Century City has to offer,” says Downey. “Century City offers buyers a lot more for their money than the V&A Waterfront, for example, where  a canal-facing, one-bedroom apartment is priced from around R 2.5 million, and  bigger apartments have an asking price of between R10 million and R35 million.”
Downey points out that RE/MAX Property Centre has a few penthouse apartments available in Century City that offer views overlooking Century City and the canals ranging in price from R 2.8 million up to around R 6.9 million, which offer three bedrooms and its own exclusive penthouse pool. Century City’s most upmarket; double-storey homes are all housed on the private island of Waterstone Isles at R 6.9 million.  
Adrian Goslett, CEO of RE/MAX of Southern Africa, says that property prices in Century City were relatively unaffected by the recession and are continuing to see good appreciation due to the strong demand for property in the area.  
Downey notes that Century City is centrally located to all of Cape Town’s attractions and destinations and offers a clean, secure and controlled environment. There are also a large number of top class amenities such as The Canal Walk Shopping Centre, The Colosseum, Virgin Active and various restaurants and coffee shops in and around the area. For young family buyers, Century City offers a preschool as well as the newly opened Curro School, which will cater to nursery school and primary school scholars up to grade six from 2014. For the older children there is Abbots College.
“With prime positioning and proximity to all the amenities one could ever hope for, Century City is an excellent investment node that is bound to show a good return on investment over the long term,” Downey concludes.

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