Reaching for Sandton Skye

The R1,5-billion development Sandton Skye will be a ‘celebratory collection of buildings that will be visual proof of the evolution of Sandton into a first world city’, says Adrian Maserow of AMA Architects. Sandton Skye will comprise three 15-storeys-stall tower blocks of 180 apartments each, plus four luxury 400m2 penthouses per building. To ensure that the development enjoys green space, the architects will be ensconcing it in 3 500m2 of landscaped gardens. A rim-flow pool, wooden deck and day-bed loungers will complete the sunny picture.

Although construction work on the first tower only begins in August this year, the market has responded positively to the planned development. According to Lynn Petzer of Lynn Estates, the exclusive marketers of Sandton Skye, 50% of the first tower has been sold off plan. That includes three of the four penthouses at R17-million apiece. ‘This represents turnover of more than R250-million,’ she adds. Petzer attributes the current success of the development to smart pricing. She says up to 80% of the project is priced at less than R2-million, with units starting from just under R1,5-million. ‘Added to this is the fact that other developments in the area have appreciated at about 15% per annum, showing the real value to be achieved here.’

Lynn Estates impressive portfolio includes the marketing of other new Sandton icons, including the Michelangelo Towers, the Raphael Penthouse Suites and Sandhurst Towers. Petzer has described Sandton Skye as a ‘five-star urban resort’. Buyers can live there and enjoy hotel amenities at home – a dedicated front desk and concierge, security, restaurant, cocktail bar, private lounge/library, fitness centre with indoor heated pool (for those who enjoy quirkier therapies, there’ll be a health facility featuring the charming Dr Fish exfoliation treatments), hair salon, valet services, 24hr room service and a kids’ zone.

Alternatively, investors may buy to let, or place their apartments in the hotel rental pool. Gatsby International Hotels will operate Sandton Skye, which implies an extra advantage for investors, as they’ll be able to exchange up to 30 days’ accommodation in their units for stays in one of 55 000 luxury properties affiliated to the Gatsby Group across the globe.

On the business front, Sandton Skye will offer a business centre and executive conference facilities.

Sandton Skye is sited on Stan Road in the heart of the Sandton CBD. It is being developed by CHN Eagle, a joint venture between a subsidiary of China Railway Group (the second largest construction company in the world and No. 252 on the 2009 Fortune Global 500 list) and the developers of Eagle Canyon Golf Estate. The development is scheduled to be completed in 2012. [ENDS] Lynn Estates, +27 (0)11 884 3103, www.sandtonskye.co.za

Article from: www.thepropertymag.co.za