American wants R8m profit from Cape penthouse

An American businessman is set on making an R8-million profit on his Mouille Point penthouse - on the market for R19,9-million - as Cape Town property prices continue to skyrocket.

The split-level apartment at The Breakers was sold just over a year ago to the businessman for R11-million.

It's one of The Breakers' 18 luxury apartments and has four bedrooms and bathrooms, a rim-flow pool, a solarium, a 24-hour concierge, butler and views of the ocean, Lion's Head and Signal Hill.

A lift responding to a personal code allows direct access to the penthouse and there is even a wash bay facility for cars.

The 663-square metre penthouse went under the hammer in September, but the current owner, who works and lives in London, turned down the highest bid of about R14-million plus commission.

Andrew Koch, managing director of ClareMart, the company that facilitated the auction, said he couldn't satisfy his client but added that "although the property market is booming, it might be a bit optimistic of the owner to think he can get R20-million for it".

Seeff is now marketing the property at R19,9-million.

Paul Levy, an agent for Seeff Properties Services in Sea Point, said the penthouse was the most expensive apartment yet marketed in Mouille Point, but that R19,9-million was "not unreasonable, considering what's going on in Mouille Point at the moment".

"People have suddenly realised that there's no place like Mouille Point," said Levy, "because it's so close to the Waterfront, the beach, the city and sports facilities.

"It used to be the entrée of the Atlantic Seaboard property market, but that really isn't the case anymore."

Levy said there has been "plenty of interest" and that 12 potential buyers had already called.

This article was originally published on page 5 of Cape Argus on November 16, 2004

Article by: By Arjan van Oosterhout - www.iol.co.za