The sky is the limit
A new development is set to change the skyline of Sandton. Lea Jacobs finds out why
SANDTON is one of the most populous areas in SA, covering an area of approximately 150km², and there is a shortage of available land.
The heart of Sandton is known as Africa’s richest square mile and the only opportunity for expansion within this prestigious area is upwards. This is evident from the new 140m high Michelangelo Towers. Much of Johannesburg Central business district has relocated to Sandton over the last 15 years. The on-going decay of the Johannesburg Central business district has further fuelled Sandton’s popularity.
Sandton Skye, a new R1,5bn development will start breaking ground in August, with the commencement of construction of the first of its three towers. The project will be developed by CHN Eagle, a joint venture between the developer of the Eagle Canyon Golf Estates and a subsidiary of the China Railway Group, the latter being the second largest construction company in the world that is presently ranked at 242 on the Fortune Global 500 Companies List.
“Sandton Skye is a blue-chip investment opportunity in the financial hub of Sandton with 80% of the project priced at less than R2m at a fixed contract price for delivery in August 2012. This purchase price is not linked to CPI or inflation,” says Lynn Petzer from Lynn Estates who are marketing Sandton Skye and who have played an integral role in developing the Sandton skyline over the past 21 years.
Having marketed some of Sandton’s highest profile developments, including the Michelangelo Towers, the Rafael and Sandhurst Towers, among others, Lynn Estates have seen Sandton exploding in growth and value in recent years. Knowledge Factory’s SAPTG statistics indicate that two units in the Michelangelo Towers sold for 35m each last year. The lowest price paid for a unit in that development in the same year was R2,3m.
Petzer says that 50% of the first tower of the development has already been sold, including three of the four penthouses at R17m each.
As a premium lifestyle development, the development offers the purchaser the options of buyto-live, buy-to-let, buy-to-sell and placement in the hotel rental pool. The operation will be managed by international hotel operators, the Gatsby Group, who exact five-star standards. Rates will be applied to fully-optimised investments while, as an added bonus, apartment owners will be able to trade up to 30 days of their apartment as an exchange option in one of the 55,000 other high-end five-star properties worldwide that are affiliated to the Gatsby Group. “This is an attractive add-on option,” says Max Lourens, MD of the Gatsby Group.
Luxury hotel facilities will extend way beyond the ultra-chic apartments.
These facilities will include a dedicated front desk and concierge, a trendy restaurant, an in-room chef by arrangement, a wellness bar, butler service, a valet service, 24-hour room service and biometric security.
There are conference facilities on the premises as well as a travel agency and a state-of-the-art business centre, making Sandton Skye the ultimate business and leisure destination. The site features 3500 m² of landscaped gardens, including an outdoor rim-flow pool, which sets Sandton Skye apart from other residential development in terms of luxury green space.
Rising above Sandton’s hustle and bustle, Sandton Skye’s architectural statement, designed by AMA Architects, will exude a vibrant energy and a continuous flow between the three iconic towers. “Set off Grayston Drive, with extensive views, Sandton Skye will be visual proof of the evolution of Sandton into a first-world city,” says architect Adrian Maserow of AMA Architects.
A vast amount of business tourism is centred in Sandton, which boasts a number of five-star hotels. Sandton Skye will now offer out-of-town businessmen an alternative form of luxury accommodation that doubles as an investment.
With Sandton hotels occupancy rates running to 70% the ability to let the property is an attractive alternative to full-time occupancy. Sandton's ability to weather the recent slump in the property market bodes well for Sandton Skye offering the investor capital gains in addition to letting proceeds. Contact: Lynn Estates Lynn Petzer 083 655 5539