21 Sep 2004 : Waterfront penthouse smashes national price record

Cape Town stepped confidently into the global property arena with the announcement that a R30 million penthouse is on the market in the V&A Waterfront.

The 800 square-metre apartment, situated in a six story building on the V&A yacht basin, has broken the South African record for an apartment asking price - its value is calculated at R37 500 per metre.

British-based real estate giant Cluttons have a joint sole mandate to market the luxury duplex, which is still under development.

Andrew LB Smith, Managing Director of Cluttons South Africa said the value of real estate in Cape Town was now almost on a par with property in cities like Sydney, Toronto and Hong Kong.

"This particular development has been carefully thought through by the owner, architect and developer to meet a growing demand for exclusive city homes in South Africa."

Cluttons' agent Eric Polonsky said the penthouse would be an ideal hideaway for the rich and famous.

"There will be concierge facilities, which is new South Africa but well established in cities like New York, London and Paris." A concierge ensures that no stranger ever makes it to the home-owners front door – including unwanted visitors.

Rosa Namibia granite has been imported for the indoor floors while Balau wood from South America will be used on the outside pool deck. All three bathrooms are en-suite with one bathroom incorporating a steam room and sauna. The pool deck has a separate kitchen and bar.

Unlike similar developments on the west-facing Atlantic seaboard this property faces north, intentionally shielding residents from the harsh summer sun. It is also air-conditioned throughout.

Views are of the V&A Waterfront yacht basin and Table Mountain. It is within easy walking distance of the Waterfront Shopping mall, which has always boasted excellent security and world-class shopping.

"The Cape Town foreshore is one of the few remaining areas, in a very tight city, where new development can still take place. It's convenient and, even in heavy traffic, accessible. Real estate in this area remains an excellent investment," says Polonsky.

Article from: www.cbn.co.za