As Port Elizabeth’s urban renewal plans take shape, the suburb of Sea View will receive another shot in the arm in the form of a 52-unit premium residential development called Crystal Views, located next to the site of the old Sea View hotel.
Two months ago, plans for the R300 million re-development of the derelict Sea View hotel were submitted by its owners – the Kat Leisure Group. The proposed development will include a 5 star hotel and 100-unit luxury residential development.
“Major investors have identified the potential of the Sea View area,” says Jonathan van Jaarsveld of Lew Geffen Sotheby’s International Realty, Port Elizabeth. “High-end developments like Crystal Views and the Sea View hotel demonstrate investors’ confidence in the expected capital appreciation of the area.”
Construction on Crystal Views will begin in mid-February, to be completed by April 2008. Plans for the re-development of the Sea View hotel are pending approval from the Nelson Mandela Bay municipality.
Units in the Crystal Views development range in price from R1,1 million for a two bedroom, one bathroom apartment to R2,3 million for a three bedroom, two bathroom apartment of 125 sqm. The development offers luxury seaside living with views of Nelson Mandela Bay.