HOT PROPERTY

V&A Waterfront property breaches R200,000/m²

A super-luxury penthouse apartment spanning 400 m² at the new Silo 3 development at Cape Town’s V&A Waterfront has been sold for R84m to a local businessman. That translates into R210,000/m², which is believed to set a new rand per square metre record for SA sectional titles.

Norbert Sasse, CEO of Growthpoint Properties, which co-owns the V&A with the Public Investment Corp, says Silo 3 has sold out in record time. Only one out of 79 apartments remains on the market since the development was launched about a year ago: a penthouse with a price tag of R48m. Apartments at Silo 3 sold off-plan for between R7m and R84m, with the average sales price at R83,000/m². That is more than double the R35,000/m²-r40,000/m² that the 33 apartments at the V&A’S Silo 2 development were selling at two to three years ago. Sasse says the record selling prices and strong capital growth at the Silo precinct underscore just how popular the V&A has become as a “live, work and play” destination.

Billy Rautenbach, sales director for Seeff Atlantic Seaboard, V&A Waterfront and City Bowl, says average selling prices for top-end apartments on the Atlantic Seaboard range from around R65,000/m² to R150,000/m². She notes that sectional title prices in this region have risen 44% on average over the past five years.