Silo Ho­tel sets tone for V&A prop­erty boom

Weekend Argus (Saturday Edition) - - PROPERTY -

THE OPEN­ING of the six-floor five-star Silo Ho­tel last month has set the tone for an ex­cit­ing year for the V&A Wa­ter­front Ma­rina and Silo District.

This is re­flected in the res­i­den­tial prop­erty mar­ket per­for­mance for the first quar­ter, with the Wa­ter­front Ma­rina end­ing on R158 mil­lion, the high­est since early 2015.

Av­er­age sell­ing prices have also spiked by be­tween 25% and 32% since last year, say Lynn Pinn and Finella Botes of Se­eff ’s Wa­ter­front team.

The Canal apart­ments con­tin­ued to see the high­est de­mand, ac­count­ing for 80% and achiev­ing an av­er­age sell­ing rate of R93 387/m2.

The high­est price reached a record R96 561/m2 in Jan­uary.

Most sales were two-bed­roomed units in the R10mR20m price band. A sin­gle three-bed­roomed unit in Kyle­more sold for R19.5m.

The Front Yacht Basin con­tin­ues to rank with Clifton in terms of achiev­ing the high­est sell­ing rates, reach­ing R117 500/m2 on av­er­age. Pinn and Botes said the av­er­age sell­ing price had reached R26.8m.

The com­ple­tion of the new Si­los are ea­gerly awaited, given that a sale in Silo 1 in March achieved a record R106 522/m2. The av­er­age sell­ing rate stands at R77 588/m2.

Neigh­bour­ing Mouille Point is just as “hot”, say the agents.

While apart­ments on the Beach Road strip have sold for R50 746-R82 677/m2, The Water­club reached record highs of R115 423-R127 481/m2.

Res­i­den­tial prop­erty sales in the Wa­ter­front Ma­rina for the first quar­ter of this year ended on R158m, the high­est since 2015.

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