Romney Park, a former 5-star hotel on the lower slopes of Signal Hill in Greenpoint, Cape Town, is set to be refurbished and transformed into luxury sectional title apartments.
The seven-month refurbishment, due to begin in May this year, will leave the ‘contemporary-colonial’ exterior of the building largely untouched, while the interiors will be modernised and will come with a wide range of services and facilities, including a pool and lounging deck, 24/7 security services, laundry facilities, fibre internet and DStv connections.
The 26 north-facing apartments will go on sale during late 2018, the group said.
Units available for purchase will include ten 1-bedroom, nine 2-bedroom, four 3-bedroom and three deluxe apartments, ranging in total size from 51 to 526 square metres.
Excluding VAT and, with no transfer fees payable, 1-bedroom apartments at Romney Park start at R3.1 million (R3.5 million including VAT), 2-bedrooms at R5.8 million and 3-bedrooms at R7.2 million – while the deluxe apartments, all with sizeable private gardens or balconies, start from R16 million.
“The market in this high-end bracket of Cape Town real estate has been in a near-constant state of boom for almost a decade. Prices started rallying shortly after the beginning of the recovery in the local economy, which was not spared the effects of the 2007/08 global financial crisis,” the group said.
“Demand for sectional-title property has skyrocketed in the high-end Atlantic Seaboard neighbourhood and prices have kept growing. Romney Park is ideally located to take advantage of this massive demand.”