The sky is the limit

A new devel­op­ment is set to change the sky­line of Sand­ton. Lea Ja­cobs finds out why

Business Day - Home Front - - HOMEFRONT -

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

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