TAKE A LOOK | This 4-bedroom bungalow in Cape Town just sold for R70 million - as a holiday home
- A four-bedroom bungalow in Clifton, Cape Town has just been sold for R70 million to an “upcountry buyer”, who bought it as a holiday home.
- It's the second big sale in the area so far this year - recently another home was sold on the Atlantic Seaboard for R75 million.
- For more articles, go to www.BusinessInsider.co.za.
A four-bedroom Clifton bungalow on a 422m² plot has been sold for R70 million – to an “upcountry buyer”, who bought it as a holiday home, says the estate agent group Pam Golding.
The transaction came just after another bungalow in Clifton was sold for R37 million to an Emirati buyer from Dubai, and it’s the second biggest sale in the area so far this year – last month, another home was sold on the Atlantic Seaboard for R75 million.
“Over the past five years only a handful of Clifton bungalows have changed hands at prices ranging from the high R30 millions to R80 million, with a 417m² plot of vacant land selling for R24.85 million,” says Pam Golding’s Annette Hepburn, who sold the property.
The properties are tightly held, “thereby creating high demand and low supply, and fetching top end prices”.
The R70m bungalow overlooks Clifton’s 4th Beach, and also has three bathrooms (one en suite), a guest cloakroom, a staff suite with private bathroom and separate entrance, and separate laundry with a walk-in pantry.
It is north-facing with direct road access and on-site parking, which is a rarity among Clifton bungalows, says Hepburn.
Andrew Golding, Pam Golding chief executive, says there has been a marked increase in demand for luxury properties above R10 million in recent months, "with properties correctly priced by motivated sellers achieving close to asking price”.
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