CBD property hotting up ahead of World Cup
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.