It’s a rich man’s world

SA’s ul­tra-lux­ury prop­er­ties of­fer the right style at the right price for those who are able to af­ford it. Lea Ja­cobs re­ports

Business Day - Home Front - - NEWS -

WHILE money does not make the world go around, it cer­tainly buys enough com­forts to en­sure the jour­ney is smooth. The Forbes list of bil­lion­aires lists Car­los Slim Helú as the wealth­i­est per­son in the world with a for­tune of $53,5bn, Bill Gates is worth $53bn, War­ren Buf­fett $47bn, Mukesh Am­bani $29bn and Lakshmi Mit­tal has a for­tune worth $28,7bn.

In South African terms in a re­port pub­lished last year, the Ru­pert and Op­pen­heimer fam­i­lies once again made the rich list along with a fairly new en­trant Pa­trice Mot­sepe, who has amassed a for­tune of $1,3bn. These buy­ers are ev­ery es­tate agent’s dream. They de­mand a cer­tain type of life­style and are will­ing to pay for it.

High-end South African prop­er­ties meet this cri­te­rion on a num­ber of fronts and many of the coun­try’s finest prop­er­ties are owned by ul­tra-wealthy in­vestors from around the globe.

Lew Gef­fen from Sotheby’s In­ter­na­tional Realty says that in prop­erty terms South Africans of­ten un­der-es­ti­mate their own worth. “We have some of the best prop­er­ties in the world.” He says that high-end prop­er­ties at­tract a huge amount of in­ter­est from buy­ers in most of the African states.” We have daily en­quiries from African for­eign dig­ni­taries who wish to re­side in South Africa ei­ther as an in­vestor or as the owner of a sec­ond home.” There is also a de­mand from Euro­pean in­vestors seek­ing hol­i­day homes on the coast or on ex­clu­sive golf es­tates as well as a con­tin­u­ing de­mand from the lo­cal pop­u­lace.

The de­mand out­weighs the sup­ply and Gef­fen notes that the re­ces­sion has played a role in the short­age of lux­ury prop­er­ties through­out SA. “Gen­er­ally speak­ing wealthy peo­ple are not forced to sell and sim­ply with­draw the prop­erty when mar­kets go down. This af­fects the sup­ply.”

An­drew Gold­ing, the CEO of Pam Gold­ing Prop­er­ties says how­ever, that there has been an in­crease in the num­ber of high­end homes com­ing onto the mar­ket. He be­lieves this is due to ex­pec­ta­tions that the World Cup gen­er­ated and in cer­tain in­stances, due to global eco­nomic con­di­tions re­quir­ing in­creased liq­uid­ity of as­sets.

“As the mar­ket has im­proved a lit­tle, it would seem that those clients who had been hold­ing off on list­ing their homes and who are un­der no pres­sure to sell have de­cided that due to the shift in sen­ti­ment it may be timeous to list their prop­er­ties.

Buy­ers in this seg­ment of the mar­ket can af­ford to bide their time, wait­ing for the right prop­erty to be listed. Gold­ing says that there are buy­ers who are very par­tic­u­lar about where they want to live and these buy­ers will of­ten wait un­til the right op­por­tu­nity presents it­self. These buy­ers in­clude those who are in­ter­ested in some of the well-known his­tor­i­cal homes in af­flu­ent ar­eas.

What makes South African prop­erty so ap­peal­ing? Gold­ing says SA is home to some of the world’s prime real es­tate set in spec­tac­u­lar en­vi­rons with ar­guably some of the best views and scenery glob­ally — par­tic­u­larly in terms of our ex­cep­tional coastal prop­erty. Lux­ury prop­er­ties at the very top end of the mar­ket are ex­tremely spa­cious by global stan­dards, are of world-class qual­ity and de­sign, and com­pete with the best in the world.

The right cli­mate, spec­tac­u­lar land­scapes, com­par­a­tively large prop­er­ties, a re­laxed life­style and favourable ex­change rates should en­gen­der much in­ter­est when the global econ­omy picks up again. Houses that fit the bill are sit­u­ated in the right ar­eas and of­fer buy­ers the life­style they seek. All coun­tries have their share of ul­tra-lux­ury prop­er­ties, but when it comes to value for money SA has to be up there with the best of them.

Se­eff Prop­er­ties is cur­rently mar­ket­ing a pent­house at the One & Only in Cape Town for R100m. De­signed by Den­nis Fabian and sit­u­ated at the V&A Ma­rina, the unit mea­sures 1 435m².

There are four bed­rooms, all en-suite. Three bed­rooms have pri­vate ter­races over­look­ing Ta­ble Moun­tain, while the mas­ter bed­room of­fers his and hers bath- rooms, a well-ap­pointed walk-in dress­ing room and a fire­place.

Sotheby’s has listed a home for R110m on the At­lantic Seaboard. The award win­ning prop­erty boasts six mag­nif­i­cently ap­pointed re­cep­tion rooms and six su­per­sized bed­rooms, all en suite. The home is set on 1 500m² of park­lands and has spec­tac­u­lar views of the sea and 12 Apos­tles.

Pam Gold­ing Prop­er­ties has a R100m home on their books. Sit­u­ated in Bantry Bay and billed as a lux­ury 900m² Stephen An­toni Olmes­dahl Truen mas­ter­piece, the prop­erty fea­tures two re­cep­tion ar­eas, one of which ad­joins the cock­tail bar. Five sea-fac­ing en-suite bed­rooms all with mag­nif­i­cent views of the At­lantic, a cigar lounge, gym, and a steam room.

RE/MAX is sell­ing a prop­erty in Fresnaye for R110m. The ar­chi­tec­turally de­signed home fea­tures four en-suite bed­rooms and a cin­ema. There is a heated rim flow pool with a spa bath .The prop­erty is be­ing sold fully fur­nished and the price in­cludes a staff house with a sep­a­rate gar­den. There is a lif tand an ad­vanced CCTV se­cu­rity sys­tem in place.

Most prop­er­ties in the R100m price bracket are not mar­keted by con­ven­tional means. Buyer qual­i­fi­ca­tion plays a sig­nif­i­cant role in this end of the mar­ket.

Own­ers are as dis­creet as the peo­ple who want to in­vest and many of these homes change hands with­out com­ing to the at­ten­tion of the gen­eral pub­lic.

A pent­house at the One & Only in Cape Town is listed with Se­eff Prop­er­ties for R100m.

This prop­erty sit­u­ated in Bantry Bay is be­ing mar­keted by Pam Gold­ing Prop­er­ties for R100m.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.