A look inside the R84 million ‘penthouse’ development in one of Cape Town’s richest areas

A 4-bedroom development in Fresnaye with views of the Atlantic seaboard is on the market for R84 million.
The development, called THE Penthouse, is currently under construction.
The price includes VAT, and no transfer duty is payable.
A big draw of the property is the views, which Pam Golding said will leave you in awe. The 665 sqm property comprises an internal 410 sqm and an external space of 215 sqm.
The entertainment level has an indoor-outdoor flow that connects to an expansive terrace with a large rim flow pool.
The sculptural kitchen island comes with integrated appliances, combining elegance and function. The three-bedroom suites can also be found next to a dedicated TV room.
The penthouse suite found upstairs also has its private deck, allowing the owner to enjoy the views.
“The walk-through dressing room is a haven for fashion enthusiasts, while the oasis-like bathroom offers a tranquil escape from the outside world and a private office.
“There is also a gym to be enjoyed on this level.”
THE Penthouse also has five parking bays, a storage room, and staff accommodation.
Cape Town continues to draw high-net-worth individuals, with local and international buyers prepared to pay over R20 million for homes in the city.
According to Seeff, more properties sold above R20 million in the first quarter of 2024 than in the first quarter of 2023.
Samuel Seeff, chairman of the Seeff Property Group, said that Cape Town stands out as the strongest property market in the country. This is linked to strong governance and service delivery in the city.
Ross Levin, licensee for Seeff Atlantic Seaboard and City Bowl, said the momentum in the R20 million-plus market sector remains robust, although stock is somewhat limited.
Speaking before the May elections, Levin said that the super luxury sector of the market is not particularly concerned about the election results as the Cape was expected to remain stable.
“Although it is expected that this could be a historic election, most do not see it impacting the country at this stage, although typically, we do see increased momentum post-election,” said Levin.
This has proven to be true, with the DA retaining its majority in the Western Cape and joining the Government of National Unity, getting six ministerial positions.
In addition, international buyers are not too concerned with South African politics. They see the country as offering good value, complimented by natural beauty, a nice climate, attractive leisure offerings and good infrastructure.
In addition, while the middle sector has slowed due to the high interest rate and slow economy, there have been more sales at the upper end of the market.
“High net-worth buyers are taking advantage of the flat price growth, and they are most certainly investing in Cape Town as they see it remaining stable and well managed under a DA government after the elections.”
Images of the R84 million development in Fresnaye can be found below:
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