A total of 48 apartments in Sandton's newest development recently sold for almost R50 million in just 72 hours.
The R1.3 billion HQ Sandton development, which features 780 apartments, a restaurant, bar, gym, and an immense rooftop garden, is one of the most anticipated new developments to come to Africa's richest square mile.
The first apartments came to market in December 2021, and by March of this year, 100 apartments had already been sold. HQ Sandton launched a 72-hour sale at the end of March which offered 72 "hospitality studio" units at R1 million each.
Starting on Friday 25 March and ending on 28 March, the sale netted close to R50 million. Adding 48 units to their first phase sales - which means that 148 of the first 200 have already been sold in the first three months.
What are hospitality studio units?
The hospitality studio units are the smallest and the simplest available in the new development.
They measure just over 20m² in floor size and feature a bathroom with a shower, a small kitchenette, and a balcony. Most of the recently sold units are located on the sixth and seventh floors, facing east.
While R1 million for what is essentially a micro-apartment might seem expensive, 90% of the units in HQ Sandton come in under the R2 million mark, with the vast majority being studio and one-bedroom units.
Similar properties in Sandton start around R1.9 million for a one-bedroom apartment and extend to almost R3 million for a two-bedroom, two-bathroom apartment.
Sales records like these are unheard of, but it is a testament to the location, lifestyle, and investment prospect that HQ Sandton offers. For many this type of offering allows them to become property owners while giving them the perceived status of living in Africa's richest square mile.
“We want to allow more people to join the Millionaire Club at HQ Sandton as we unlock these offerings. We are thrilled to be pioneering an initiative that allows more people the opportunity to own property in Africa’s richest square mile,” says HQ Sandton developer, Alex Agulnik.
HQ Sandton has already set the benchmark in Sandton sales, and it is safe to say that HQ Sandton is outperforming other developments in the area and fast becoming one of the most sought-after in Sandton.
