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Cape Town - A luxurious penthouse apartment in Bantry Bay along Cape Town's exclusive Atlantic Seaboard has been sold for R34.5m.
This is the highest price achieved for a sectional title unit in this suburb in the past five years, according to Basil Moraitis, manager for the Atlantic Seaboard and City Bowl at Pam Golding Properties (PGP).
The 653m² penthouse in The President building was bought by a resident of Bermuda, for holiday use.
Moraitis said the unit sold within two months of listing. This for him is 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/m²,” said Moraitis, “which is in line with the levels being achieved prior to the onset of the global economic crisis."
The President has always enjoyed steady price growth, he said, from a starting point of some R5 000 to R10 000/m² in its first five years (the early 1990s) to R40 000/m² in the boom period of 2006 and now even more, regardless of market fluctuations.
Area specialists for PGP’s luxury Atlantic Seaboard sectional title market Mel Truss, Minette Munitz and Farrel Kelman note that between March and July 2013 there was 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 said.
“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.
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.
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, gourmet kitchen and two secure parking bays.
- Fin24
This is the highest price achieved for a sectional title unit in this suburb in the past five years, according to Basil Moraitis, manager for the Atlantic Seaboard and City Bowl at Pam Golding Properties (PGP).
The 653m² penthouse in The President building was bought by a resident of Bermuda, for holiday use.
Moraitis said the unit sold within two months of listing. This for him is 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/m²,” said Moraitis, “which is in line with the levels being achieved prior to the onset of the global economic crisis."
The President has always enjoyed steady price growth, he said, from a starting point of some R5 000 to R10 000/m² in its first five years (the early 1990s) to R40 000/m² in the boom period of 2006 and now even more, regardless of market fluctuations.
Area specialists for PGP’s luxury Atlantic Seaboard sectional title market Mel Truss, Minette Munitz and Farrel Kelman note that between March and July 2013 there was 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 said.
“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.
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.
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, gourmet kitchen and two secure parking bays.
- Fin24
