A penthouse apartment in the Cape Town suburb of Higgovale has just sold for R22.5-million.
This price tag, one of only two apartments to fetch above the R20-million mark in the City Bowl, has earned it the title of most expensive ever sold in the City Bowl.
The 290 square metre property was sold by Seeff in less than two months. The buyer is reportedly a local resident who will live there.
It has three bedrooms, three bathrooms, two garages with elevator access, a large open-plan kitchen and dining room, tropical garden, patio, and private swimming pool. It also offers also unhindered mountain, city and sea views.
According to Seeff’s Ross Levin, this is one of only a few penthouses in the City Bowl, a factor that helped to push the price through the R20-million ceiling.
“The Cape Town City Bowl has become a destination of choice,” Levin said. “People are looking to experience the trendy urban lifestyle made popular in other cities around the world.”
Higgovale is no stranger to high property prices. Houses in the quiet suburb, conveniently located on the slopes of Table Mountain but just minutes from the CBD, are among the most expensive in the country. But according to Levin, apartments and particularly penthouses are seeing a surge in popularity, primarily for their safety and convenience factors.
“A penthouse apartment like this offers all of the features of a luxury house, but with the added benefit of being lock up and go,” Levin said.
Although a record-setting figure for the Cape Town City Bowl, the R22.5-million price tag is still low compared to comparable properties on the Atlantic Seaboard and V&A Waterfront.
The most expensive apartment penthouse sold in Cape Town, in the One&Only hotel, fetched over R100-million in 2008. Smaller penthouses at the V&A Waterfront, and in suburbs like Clifton and Bantry Bay, have consistently fetched prices above the R30-million mark for several years already.
Levin believes the soaring prices of penthouses on the Seaboard, and their general scarcity in the City Bowl, are pushing up prices of those on the other side of the mountain.
He says many penthouses in the CBD, including the recent R23-million sale, still represent good value for money compared to those along the Atlantic Seaboard.
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