The price ceiling for a Cape Town City Bowl apartment has just lifted to a record price of R22.5 million for a luxury penthouse in Higgovale sold by Seeff.
The buyer is a local who will be using the property for residential purposes, the property group said.
The unit achieved a selling rate of R77,586/sqm and is one of only two apartments which have sold above R20 million, both of which sold this year, and the other being an apartment in 15 on Orange.
The 290sqm unit is situated in a small, exclusive block of only four units.
“It offers all the space and features of a house including a with a private, tropical garden, deck and swimming pool combined with the security and lock-up-and-go lifestyle of an executive penthouse apartment. It has stunning views and comes with three bedroom suites, a designer Italian kitchen and bespoke finishes throughout,” Seeff said.
Seeff noted that penthouses are quite rare, and therefore tend to fetch significantly higher prices. Being at the top of the building, they also offer a set of unique benefits not necessarily enjoyed by other apartments. These include having no neighbours, expansive outdoor areas and views, and direct lift access.
While the Atlantic Seaboard boasts an average selling price for sectional title of R5.6 million for this year, the City Bowl still sells for around R3.5 million on average, depending on the area, said Seeff.
“Almost half of all sales in the City Bowl have been below the R3 million price whereas only just over 20% of sales on the Atlantic Seaboard fall below this level, to be found generally only in Sea Point and Green Point,” it said.