Weekend Argus (Saturday Edition)
Bakoven’s latest luxury apartments
New development straddles Atlantic seaboard’s top real estate area and national park
A LUXURY apartment development is under construction on the last development plot with uninterrupted sea views in Bakoven, a hamlet at the tail end of Camps Bay that once housed working- and middleclass families but now contains some of the richest real estate in South Africa.
Idyllically situated on Bakoven’s border with the Table Mountain National Park, Infinity comprises six luxury designer apartments, all with sea and mountain views and offer a tranquil respite from the hustle and bustle of the Camps Bay strip, which is a short drive away.
Wim Loubser, spokesperson for the development, says Infinity is being built on the last available stand in Bakoven, also the very last property before the suburb gives way to the national park and farms.
“It was essential to us that the development optimises this landmark site and does so in synergy with its spectacular natural environment.
“Working with the foremost professionals in their fields, we have done our best to create bespoke onelevel designer apartments and duplex penthouses that offer investors an exclusive lifestyle with maximum privacy, views and 24hour security in one of the most exclusive suburbs in South Africa,” says Loubser.
Thelma Sandeman of Lew Geffen Sotheby’s International Realty in Camps Bay and Bakoven, says: “Discerning buyers will appreciate the close attention to detail, top-of-therange finishes throughout including wide plank solid wood flooring and the graceful flow of the entertainment and living areas.
“Floor to ceiling sliding doors are double-glazed, heat insulated and sound-proofed; kitchens are fitted with SMEG appliances, custom composite cabinets and eco-friendly gas hobs and finished with natural stone surfaces; and the ocean plunge heated whirlpools on each private, wind- protected terrace have rim flow features and ambient lighting.”
Infinity has also been designed with eco-sustainability in mind and all units have resource-saving systems such as bio-fuel fireplaces and heat pumps that will contribute significantly to the appreciation of the property value in the long term and will allow substantial savings in the short term.
Edith Marsh, also of Lew Geffen Sotheby’s International Realty, says that developments like Infinity and its contemporary neighbours are a 180- degree departure from Bakoven’s pre-millennium property landscape.
Traditionally regarded as little more than a sleepy hamlet, the tiny suburb has experienced a dramatic turnaround in recent years. It now commands the highest rentals in South Africa, and is also setting the bar for sales prices achieved on the Atlantic seaboard.
Marsh says: “Apartment prices in Bakoven have been on a steep upward curve for the past three years, with units in the numerous new developments along Victoria Road now selling for between R12m and R35m, at R58 800/ m ² to R78 200/ m ² for apartments sized between 190m² and 430m².
“Last year six units were sold in the newly developed Boulder Apartments at an average of almost R18m apiece, with the two most expensive units fetching R33.6m at R78 209/m² and R30m at just under R70 000/m².”
Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, says that while key factors such as Bakoven’s location and proximity to popular amenities and the CBD have played a major role in its rejuvenation, a significant driving force has been the suburb’s exclusivity and very limited investment opportunities.
“Because of this, buyers tend to have a ‘finders keepers’ attitude and apartments rarely come onto the market, adding to their allure and value.
In fact, since 2013 only 12 apart- ments have changed hands on this exclusive strip.”
Sandeman predicts that property values are set to spike even further this year as there is no more available land for development.
“Bakoven was traditionally populated exclusively by quaint freehold homes, above Victoria Road and on the sea side where the suburb slopes down towards two intimate beaches.
“However, although the seafront bungalows below Victoria Road have always been governed by strict municipal regulations which don’t allow for multiple storeys or dwellings, the houses on the mountainside of the road fell under Camps Bay’s building regulations, offering developers an excellent investment opportunity when demand for beachfront property began to increase.”
The knock-on effect of the introduction of sectional title properties to the area has been a surge in the rental market, which was previously virtually non-existent.
“Long- term rental properties very rarely came onto the market and only a few bungalows were available for short term or holiday lets,” says Sandeman, adding that most of the bungalow owners not only live in their properties but tend to stay for many years.
“According to a recent Lightstone report, 53 percent of property owners in Bakoven have lived in their homes for at least a decade, with 12 percent having been in residence for eight to 10 years.”
However, in stark contrast, up to 80 percent of all apartment sales are to investment buyers.
Geffen says: “Astute buyers who can afford to buy in Bakoven are investing in one of the most stable and lucrative property markets in South Africa, and are also likely to realise substantial short- term returns from a rental income that is way above the inflation rate.”
Despite Bakoven’s dramatic elevation in status in recent years and its proximity to the vibrant Camps Bay strip, it has retained its charming village-like atmosphere, which is one of the suburb’s main drawcards and a significant driving force in the short-term rental market.
Due for completion in the last quarter of this year and jointly marketed by Lew Geffen Sotheby’s International Realty, apartments in Infinity range in price from R20m to R24m plus VAT.