SA’s most expensive homes

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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