City at­tracts buy­ers from all walks of life

Ris­ing de­mand for sec­tional ti­tle apart­ments in city bowl and CBD

Weekend Argus (Saturday Edition) - - PROPERTY - SATUR­DAY

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.

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