Seeff sells SA's most expensive property

Seeff's media release about the sale of Kerzner penthouse: 

 Seeff sells the first of Africa's most expensive, prime penthouses on Kerzner's One&Only Hotel Cape Town for over R110 million

The first of the three super-luxury penthouses which hotel magnate Sol Kerzner is developing on his One&Only Hotel Cape Town in the V&A Waterfront has been sold by Seeff at a record price of over R110 million. Says Ian Slot, Seeff's MD of Atlantic Seaboard, CBD and City Bowl: "This is a record for the country. No one has ever sold any single residential property in South Africa for this price."

 Slot was involved in the development process from an early stage. He explains: "A year ago we were consulted by Kerzner International and asked for our advice on how to maximize this unbelievable opportunity of utilising the space on top of the luxury R900-million One&Only Cape Town resort in the V&A Marina. With uninterrupted views onto two of the World's Heritage Sites - Table Mountain and Robben Island, situated in the heart of the most visited tourism destination in South Africa, and on the top of this superlative hotel, it could only but provide the best accommodation in Africa. We suggested that they build three of the very best apartments on the Continent - which is precisely what they are doing."

Slot believes that it is thanks to Seeff's long-standing market dominance in the Waterfront market that uniqely positions them to know what purchasers are looking for in this area. "We were able to share this knowledge and experience with the client to make sure the offering resonated with buyer expectations. Using Dennis Fabian, one of South Africa's signature architects, and Adam Tihany, renowned Hungarian-born interior designer with an extensive international portfolio that includes the One&Only Pamilla in Los Cabos in Mexico and Le Cirque in New York, Kerzner International have designed an awesome product that sets new benchmarks at all levels."

Five apartments were sold in the V&A Marina during the last month, at an average selling price of R57 000 per m2. The highest rate per m2 was achieved by Seeff, at R75 000 per m2. The current price of the One&Only Hotel Cape Town penthouses equates to approximately R112 000 m2. Slot said that he believes that they will no doubt in future be seen to have been very well priced. "The V&A Marina remains a developing and expanding story, but no matter how the V&A evolves and grows, these three penthouses will remain priceless jewels in its crown."

The previous record for a penthouse at the Waterfront was R30m - which Seeff also achieved through its Waterfront specialist, Emelia van der Linde.

Slot says there are no compromises in terms of quality. "When an international hotelier of this magnitude chooses to build a hotel of this nature in Cape Town and the V&A, it means he has hand-picked it as one of the premier destinations in the world. Buyers at this level also don't compromise - their expectations are the same, irrespective of where they are buying in the world. The fact that this product has been universally so well received, both domestically and internationally, means that it is comparable to the best in the world. This is a compliment to South Africa on many levels - to South Africa in general and Cape Town and the Waterfront in particular as locations and destinations, but also to more fundamental things such as South African architecture, construction and enterprise."

Slot was unable to comment on the identity of the purchaser. "You will appreciate that this is confidential, and we respect the client's privacy at all times." How does a sale like this materialize? Says Slot: "In real estate, just like in any field of endeavour, it takes years to be an overnight sensation. Seeff has been building up a database of buyers in all property markets, price categories and geographical locations for very many years. We interact with potential purchasers all the time."

There is an almost knee-jerk assumption that interested parties for properties of this nature must all be foreign. "This is simply not the case," he says. "There is interest in these penthouses from across Southern Africa and all its population groups, and as much interest in this product domestically as there is internationally."

The penthouse has living space of more than 800 m2 and offers the discerning purchaser everything their hearts could desire. Slot says they will be able to give personal input to the architectural team and interior designer and to add their personal touch to their apartments. "They will also have full access to the services of the signature One&Only Hotel Cape Town, including a full rage of personal services, including housekeeping and a range of restaurants. We see this setting a totally new benchmark in terms of quality of accommodation and the amenities of life."

The penthouse is part of the luxury 130-key hotel complex, the One&Only Cape Town, which includes the Tower Marina with 92 suites, linked by bridges to two islands which will house 40 villas and a 1200 m2 wellness spa. The hotel is limited to 7 storeys, and is the first that Kerzner will open since the Palace of the Lost City in the Pilanesberg in 1992.

In closing, Slot reiterated his oft-made call to the fiscus to take advantage of the opportunity that transactions of this nature provide to assist potential entrants into the home ownership market in these difficult times. "The continuing strong performance of the luxury end of our property market has provided a windfall for the fiscus through direct and indirect transactional taxation. I believe there is a moral imperative on the fiscus to earmark some of these funds to assist first-time home buyers and other struggling homeowners, either to make initial purchases, or to retain properties by means of government assisted subsidies."

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Crazy crazy crazy investment Being rich now days certainly does not make you clever. This rich Scotsman (and who says the Scottish are misers?) must surely have people who are smoking rocks as advisors. TIt must tantamount to financial suicide to buy a property for R110 . .more million, which equates to $16 million, in a country that is experiencing so much crisis..the power crisis, the lame duck president crisis, the Zim crisis, the xenophobia crisis, the AIDS crisis, the education crisis, the crime crisisi, the health crisis, the soon to be fraudster president crisis..(phew, you get into a crisis trying to name all the crisis's). The Rand is bound to drop against the dollar sooner or later and a $16 million investment is bound to sit on $10 million in a matter of months. And exactly what capital appreciation couild a person expect on a property of this magnatude? This sale does not install any confidence in the market.The only number it will affect is the average price of the property that Seeff will sell for 2008 and we are going to hear for the next 50 years! . .less by Property Realist on June 09 2008, 15:53 Find this comment inappropriate? Report it

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