Pam Golding Properties (PGP) has sold a luxurious penthouse apartment in Bantry Bay for R34.5 million – the highest price achieved for a sectional title unit in this suburb in the past five years. The 653sqm penthouse in the iconic building “The President” was bought by a resident of Bermuda, for holiday use.
PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says the unit sold within two months of listing – 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 per sqm,” says Moraitis, “which is in line with the levels being achieved prior to the onset of the global economic crisis. In fact, this building has always enjoyed steady price growth – from a starting point of some R5000 to R10 000 per sqm in its first five years (the early 1990’s) to R40 000 per sqm in the boom period of 2006 and now even more, it has kept climbing regardless of market fluctuations. This is due not only to its outstanding location on the water’s edge and its excellent facilities, but also to the fact that it is one of the best-maintained buildings in Cape Town, with immaculate gardens, a cluster of swimming pools, ample visitor parking and excellent 24 hour security.”
Area specialists for PGP’s luxury Atlantic Seaboard sectional title market, Mel Truss, Minette Munitz and Farrel Kelman note that over the past six months (March-July 2013) there has been 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 say. “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, by one of our leading local captains of industry, and offered the very best luxury finishes and fittings. The buyer saw an opportunity to acquire this lifestyle of relaxed elegance and obtain one of the best addresses in Cape Town, as well as securing an investment with long term growth potential.”
The lifestyle on offer is indeed superlative. 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, ensuring magnificent sunsets all year round. 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 and gourmet kitchen, as well as two secure parking bays.
**All prices quoted are actual selling prices, and all sales mentioned were concluded by Pam Golding Properties, unless otherwise specified.