Clifton plot fetches record price

An open stand in Cape Town’s Clifton area has been sold for R11.25m to an unnamed American investor, in what is believed to be the highest price per square metre for undeveloped property in SA.

The American investor beat among others former SA Formula One racing car champion Jody Schekter, said Rob Stefanutto, MD of Lew Geffen Sotheby’s International Realty, Atlantic Seaboard.

He said the property, measuring 449 square metres, fetched more than 25,000 rand per square metre.

The sale to an American investor comes amid possible restrictions on foreign land ownership, with government saying foreigners owning prime SA land were materially influencing effective land reform.

The Policy on Land Ownership by Foreigners (PLOF) is currently out for public comment and the deadline has been set for December 14, after being extended from November 14.

Article from: www.sundaytimes.co.za