A look at the new ‘NFT’ micro apartment development in Cape Town – with prices starting at R595,000

·10 Nov 2022

A new micro-apartment development, The Spectrum, has launched in Cape Town, offering micro, studio and 1- and 2-bedroom apartments at affordable rates.

The development is being managed by Evolution Property, designed by Two Five Five Architects, located in a central position in Cape Town, just off Nelson Mandela Boulevard.

According to the developers, the site offers ease of access into Cape Town CBD, the Southern Suburbs, N2 outbound toward Cape Town International Airport, and minutes from the N1 North and South.

The building will have 306 units across 10 floors, and will offer a host of amenities, including a co-working space, an onsite gym and coffee bar, as well as a backup generator to mitigate power outages.

The development is also including some tech-forward features, like high-speed fibre, electric vehicle charging and non-fungible token (NFT) integration through Momint – a local blockchain startup.

The group said that the NFT integration is intended to speed up the sales process and help cut out intermediaries like the deeds office. It also makes the property more investible and decreases admin. The NFT is not the apartment itself but rather a token that gives the holder the right to purchase a specific apartment.

“The NFT grants the holder with the right to purchase a specific unit at The Spectrum. Further benefits will also be made available for token holders at a later stage, including token airdrops, exclusive access, discounts, and more,” the group said.

How the process works:

Reserve your apartment online on The Spectrum website
Receive your sale agreement for the relevant apartment from the sales team
Sign and fulfil the relevant requirements specified in your signed sale agreement (Eg. deposit, bond approval and/or provide the relevant guarantees)
The Spectrum sales team will then send you your unique NFT for the apartment you have purchased close to the development’s completion date
You can use the NFT for ongoing benefits and uses within The Spectrum development upon completion

The full list of amenities includes:

Cleverly designed apartments to maximise space
Co-working space
Back-up generator
Onsite coffee bar
Onsite gym
Raised pool with picturesque mountain and harbour view
24/7 security and access control
Pet-friendly
High-speed fibre connectivity
Onsite parking and storage facilities
Electric Vehicle (EV) charging station
NFT integration

Apartments available include:

Micro apartments: 1 bathroom, 17sqm – 20sqm total unit size, priced from R595,000
Studio apartments: 1 bathroom, 23sqm – 27sqm total unit size, priced from R765,000
One-bed apartments: 1 bathroom, 30sqm total unit size, priced from R895,000
Two-bed apartments: 1 bathroom, 49sqm total unit size, priced from R1,395,000

This is how the apartments are laid out:

Micro apartment