- The Ridge Estate is a new luxury residential development in Cape Town.
- Three plots were recently sold for more than R16.5 million each, making it the most expensive vacant land in the City Bowl.
- The development on the slopes of Lions Head has 25 residential plots and construction on the first houses is expected to start around June.
- For more stories go to www.BusinessInsider.co.za.
Plots in a luxury estate development on the slopes of Lion's Head in Cape Town have sold for more than R16.5 million, setting a new record for vacant land in the City Bowl.
The Ridge Estate, located on the upper slopes of Lions Head near Tamboerskloof, is Cape Town’s latest residential development and is the only estate of its kind in the City Bowl.
With views of Table Mountain, Cape Town’s city centre, and its bay, The Ridge has already attracted buyers from Johannesburg and overseas. Seeff Developments believes that, once complete, it will “rank as one of the top high-end estates” in South Africa.
The Ridge consists of 25 residential plots split into two housing estates: The Ridge Estate Villas and The Ridge Estate Residences. The Residences consist of 18 plots ranging in size from 500m² to 700m². The Villas include seven stands, between 650m² to 1,000m² in size, and are sold at a premium.
Three of these vacant plots were recently sold for more than R16.5 million each. The previous record for the most expensive plot sold in Cape Town’s City Bowl was R13 million, set in 2017. Remaining stands on the estate start at R12 million, and that’s for a 600m² plot The Residences.
Renowned architectural firms, like, SAOTA, Jaco Botha, Darryl Croome Architects, and Energy Master Builders have worked closely with the developers in designing concept homes. Prices for plots with houses range from R16.7 million to more than R30 million.
While basic infrastructure has already been laid at the estate, construction on the first houses is expected to start around June. The first residents are expected to move in halfway through 2023.
There are also plans to build a 23-unit apartment block “in the near to distant future” but this “will only be commissioned once market conditions are right”. Security at the estate includes strict access control, guard houses, monitored and manned 24/7 security, electrified perimeter fencing, and CCTV.
Interest in The Ridge Estate is further proof of the rising popularity of gated estates, according to Ross Levin, licensee for Seeff Atlantic Seaboard and City Bowl. Three of the top five neighbourhoods are gated estates which clocked up growth of 16% to 25% over five years. That’s almost five times faster than the national average house price and CPI growth over the same period.
“Demand for estates is the fastest growing property trend among luxury buyers and luxury homes in estates consistently achieve some of the highest prices,” said Levin. “The Ridge Estate ticks all the boxes for super luxury buyers.”
(Compiled by Luke Daniel)