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 MODEST
ABODES: Prices for the 152 apartments at La Residence range from R3
-million for a one-bedroom unit to more than R25-million for each of
the six other ordinary penthouses
Developers of La Residence, arguably the country’s most expensive
residential development, would have built three penthouses had they
known that demand for one of the two multilevel apartments would have
resulted in a heated bidding war.
Prices for the 152 apartments in the development, above Nedbank Group’s
head office on the corner of Rivonia and Maude streets in Sandton, range
from R3-million for a one-bedroom unit to more than R25-million for
each of the six other ordinary penthouses.
The building also boasts two ultra-luxury three-level penthouses, one
of which is sought by the two bidders. Each unit has a private swimming
pool — and a R27-million price tag.
The developers said last week that only one of the two penthouses was
still available — and two bidders were vying for it. The bidding
war could send the price even higher and mark a new record for a flat
in South
Africa. Deeds records show that the priciest apartment in South Africa,
at Eventide in Cape Town’s sought-after Clifton, was bought for
R34-million in February last year.
Sold by the Jerome and Evelyn Smith Family Trust, the 338m² apartment
had been bought in July 2006 for R28-million.
Now La Residence threatens to smash that record price. The R1.6-billion
development, near the Gautrain station now under construction, is scheduled
to be finished and ready for occupation by the end of 2010.
Other features include a 24-hour security system with three dimensional
face recognition, and a bank of lifts — each of which travels directly
to individual units.
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