CBD prop­erty hot­ting up ahead of World Cup

Weekend Argus (Saturday Edition) - - PROPERTY -

WITH THE count­down to the World Cup ad­vanc­ing, Cape Town’s cen­tral city is a flurry of ac­tiv­ity, with some key build­ing projects near­ing com­ple­tion or set to open their doors over the fes­tive sea­son.

The up­swing in pos­i­tive sen­ti­ment has spilled over into the area’s prop­erty mar­ket, where Pam Gold­ing Prop­er­ties (PGP) is re­port­ing a surge in de­mand, even run­ning to com­pet­ing of­fers on in­di­vid­ual prop­er­ties.

PGP’s area man­ager for the City Bowl and At­lantic seaboard, Basil Mo­raitis, says his cen­tral city team of Mariel Burger, Jeanne Hingston, Scott Irv­ing and Peter Spencer re­ported an up­swing in in­quiries in the early weeks of Novem­ber.

“Prices have mod­er­ated over the past year,” he says, “re­sult­ing in in­creased de­mand. Buy­ers are see­ing real value in this area, and, com­bined with the greater avail­abil­ity of mort­gage fi­nance af­ter a long dry pe­riod, the re­sult has been an in­crease in ac­tiv­ity and a cor­re­spond­ing de­crease in stock.”

En­try-level prices in the cen­tral city range from around R650 000, which will se­cure a bach­e­lor pad or one-bed­room apart­ment of around 50 to 65m2. Larger two-bed­room units of 56 to 130m2 range in price from R1.1 mil­lion to R2.5m, and lux­ury pent­houses cost from R3.3m to R16m, with sizes rang­ing from 120m2 to 400m2.

PGP’s manag­ing di­rec­tor for the West­ern Cape metro re­gion, Lau­rie Wener, says a num­ber of key projects are reach­ing com­ple­tion and bring­ing fresh life to the cen­tral city area.

“The five-star Taj Ho­tel, on St Ge­orge’s Mall, is set to open its doors next month, and it is clear that its R500m price tag and noisy construction process have been well worth it. It is go­ing to be a spec­tac­u­lar ad­di­tion to the city, with pos­i­tive spin-offs for the en­tire area, in­clud­ing the Man­dela Rhodes Place precinct.

“Then there is the new de­signer ho­tel 15 on Or­ange, which is due to open soon at the top of Queen Vic­to­ria Street, and looks set to rede­fine Cape Town’s stan­dards of lux­ury. The ho­tel has 130 guest suites and a few lux­ury pent­houses.

“An­other five-star ho­tel, the Coral In­ter­na­tional, is near­ing com­ple­tion on the fringe of the BoKaap,” she says. “The long-over­due re­vamp of the Grand Pa­rade is also well un­der way, and we look for­ward to see­ing this his­tor­i­cal space re­claimed as a gath­er­ing point for Capeto­ni­ans, af­ter years of be­ing un­der­de­vel­oped and poorly used.

“The Pa­rade will host the of­fi­cial Fifa fan park, which will form the vi­brant heart of Cape Town’s World Cup ac­tiv­i­ties. It is also grat­i­fy­ing to see Cape Town sta­tion re­ceiv­ing a much-needed facelift.”

PGP has a wide se­lec­tion of apart­ments for sale in the cen­tral city area, rang­ing in price from R675 000 to over R6m. Among th­ese is a 50m2 lock-up-and-go apart­ment in Ad­der­ley Ter­races, which of­fers high lev­els of se­cu­rity, a pri­vate gym and pool, in a cen­tral lo­ca­tion. The one-bed­room apart­ment has a north­fac­ing ter­race over­look­ing the pool deck, and is for sale at R1.1m.

CITY LIV­ING: This 50m2 apart­ment in Ad­der­ley Ter­races in cen­tral Cape Town is for sale through Pam Gold­ing Prop­er­ties for R1.1 mil­lion.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.