R16.5 million for vacant land in the City Bowl - a new record
Luxury buyers continue to invest in luxury gated estates, driving property values ever higher.
So much so, says Ross Levin, licensee for Seeff Atlantic Seaboard and City Bowl, that we recently achieved three record sales for vacant plots in the new “The Ridge Estate” (on the slopes of Lion's Head in Tamboerskloof), thereby considerably lifting the price ceiling for vacant land.
The plots sold for in excess of R16.5 million each. The previous highest price for vacant land in the City Bowl was R13 million, paid in 2017.
We have seen strong international demand, along with Johannesburg buyers who are used to secure estate living. We have also had local Capetonians buying as the estate is ideal for families who want space for their kids to play, he says further.
In the Cape, three of the top five neighbourhoods are gated estates which clocked up growth of 16% to 25% over five years. That is four to five times faster than the national average house price and CPI growth from 2017 to 2021. National growth for 2021 averaged just 4.6% according to Lightstone.
Levin says this reflects the high demand for luxury security estates now evident in the market. Initially, the demand was driven primarily by the desire for security, but the pandemic has brought a major shift to lifestyle and access to safe open spaces.
“The Ridge Estate” has been exceptionally well received by the market, attracting a cross-spectrum of buyers. It is the only luxury estate of its kind available to buyers in the City Bowl and Atlantic Seaboard and is attracting excellent interest. Once complete, we anticipate that it will rank as one of the top high-end estates.
The City Bowl is home to the fastest-growing luxury neighbourhoods such as Oranjezicht, Higgovale, and Tamboerskloof which have seen some of the highest capital value growth. Levin also notes that it is a particularly good phase to invest in property in the City Bowl, especially a luxury gated estate.
Demand for estates is the fastest growing property trend among luxury buyers and luxury homes in estates consistently achieve some of the highest prices. The Ridge Estate ticks all the boxes for super-luxury buyers.
It is a top-quality development, designed with the guidance of one of the most sought-after architectural firms, SAOTA (Stefan Antoni) who are associated with some of the most exclusive homes in the country.
The estate offers an unparalleled location, elevated on the slopes of Lion’s Head, offering unbelievable views over the city and out into the bay. The skyline changes from morning sun to city lights, says Levin. The security is top class. The plots are situated amidst indigenous landscaping with a three-metre planting corridor between the plots. A height limitation ensures views are protected.
“The Ridge Estate” provides the opportunity to enjoy a tranquil lifestyle in a secure setting, yet within a bustling metro. Residents will have immediate access to top schools, the CBD, Waterfront, and attractions of the Atlantic Seaboard including the beaches.
Buyers also have flexibility with a choice of spectacular architectural concept homes in two estates (villas and residence), or they can design and build their own home in line with the guidelines of the estate.
