City attracts buyers from all walks of life
Rising demand for sectional title apartments in city bowl and CBD
SECTIONAL title apartments in Cape Town’s city bowl and central city are in demand, and there is a severe shortage of stock across all price ranges, according t o Pam Golding Properties (PGP).
PGP agents Peter Spencer and Mariel Burger say there has been an increase in demand across all types and sizes of apartments.
“The high demand-low supply environment is resulting in very quick turnaround of properties that come on to the market. The highest demand at present is for two-bedroomed apartments of around 80m², u s u a l l y p r i c e d b e t we e n R1.3 million and R1.5m, including secure parking.
“New listings in this price range are invariably eliciting several competing offers, and it’s not uncommon for such stock to sell on the same day the agents list the units. Buyers range from end- users who e n j o y t h e c o s mopo l i t a n lifestyle of this area, to investors buying for student children and business people needing commuter pads in the city. Central city apartments appeal to young single professionals, especially if they are in one of the new modern lifestyle developments, with amenities such as gyms, pools and retail elements.”
Entry-level prices in this area are around R795 000, which will secure a 50m² to 60m² studio or one-bedroomed apartment in the central city. At the top end of the sectional title market, prices can surpass R8m for luxury apartments. PGP recently sold a 250m ² apartment in Oranjezicht’s Chamonix building for R8.3m.
PGP’s area manager for the city bowl and Atlantic seaboard, Basil Moraitis, says
‘Buyers range from end-users who enjoy the cosmopolitan lifestyle to investors and commuters’
the city bowl has always been a desirable location, close to the central business district, the V& A Waterfront a nd t he Atlantic seaboard beaches, as well as being within easy reach of UCT and several colleges.
“An added attraction is that many of its properties offer spectacular views of the city, Table Mountain and Signal Hill. Coupled with its lifestyle of cafes, restaurants and boutique shopping, it is an ideal address for a number of buyer categories, with capital growth almost guaranteed as a result of the unflagging demand.”
He said there had been renewed demand for well-managed, newer, secure lifestyle developments such as Mandela Rhodes Place and Cartwright’s Corner.
Three units were sold in Cartwright’s Corner for R1.25m to R1.34m. “At Mandela Rhodes Place, the remaining developers’ units owned by Anglo Irish Bank were released late last year, and there has been strong demand – nearly half of the 62 apartments have already been sold by various agencies.”
PGP has recently been awarded the contract to manage Mandela Rhodes Place. Moraitis says it is well-placed for legal and parliamentary professionals.
“The recent redevelopment of nearby Newspaper House has also boosted the complex’s appeal, with the opening of the new Food Lover’s Market.
“Value for money is another major drawcard at Mandela Rhodes Place. For example, a 53m ² apartment which was recently sold for R1.2m has already secured a tenant at R9 500 a month. You can buy a 65m² one-bedroomed unit in The Fairburn at R1.3m, and a two-bedroomed 88m² unit will cost around R1.76m. A two-bedroomed unit in The Towers, with spectacular views from its elevated position, is for sale at R2.38m,” says Moraitis.
LIFESTYLE ALLURE: The rooftop pool deck at Mandela Rhodes Place.