New ultra-luxury development in Cape Town

Tags

---

15-07-2025
Read : 27 times
Daily Investor
Source

A new ultra-luxury apartment development, 27 Grey, is being planned in Cape Town’s Northern Suburbs, offering exclusive, modern living in Welgemoed.

Cape Town has dominated the South African market for years, remaining resilient despite economic challenges. While national house prices grew by a respectable 5.2% in the year to January 2025, properties in the Western Cape surged ahead with 8.7% growth, according to Lightstone.

Even among coastal properties, which typically command a premium, Cape Town stands out. FNB’s Property Barometer revealed that coastal properties average 5.0% growth compared to 3.7% for inland areas.

Cape Town, however, recorded 6.2% price inflation. This is more than triple Johannesburg’s flatter 1.8% and significantly ahead of Durban’s 1.9%, according to Lightstone. Emerging areas like the Northern Suburbs also showed an impressive 12% growth in 2024.

The popularity of the Western Cape’s property market has largely been driven by semigration, as South Africans leave Gauteng behind for the better lifestyles offered by coastal towns.

According to Wise Move’s 2025 Migration report, the Western Cape, was the biggest winner in inter-provincial migration.

In other words, when people were picking a different province to go to, the Western Cape was usually at the top of the list.

The number of people who moved out of the Western Cape was also far lower than the people who moved towards the province during the year, a trend which no other province observed.

With this consistent wave of demand for properties, the Western Cape has proved to be an excellent market for developers.

A number of luxury property developments are also in the works in Cape Town, with wealthy locals, foreigners, and investors driving demand for upmarket spaces in the area.

27 Grey

Sanet Schoonees, Pam Golding Properties area manager for Cape Town North, explained that 27 Grey will boast expansive views over the Tyger Waterfront and to the Boland Mountains.

“This four-storey complex with just 12 units redefines living well in Cape Town’s Northern Suburbs,” Schoonees explained.

The two and three-bedroom apartments – including penthouses – range in size from 120sqm to 206sqm and are priced from R5 million.

The designer homes feature high ceilings, generous floor plans and large patios for seamless indoor-outdoor flow. Buyers have a wide range of interior finishes to choose from to create personalised spaces.

Schoonees explained that 27 Grey has been designed for discerning buyers who demand exclusivity and connectivity.

“Residents will enjoy the best of city living without compromising on peace and privacy. Nearby amenities include top-tier schools and world-class healthcare as well as a wide selection of vineyards, golf courses and fine dining restaurants.”

Welgemoed, where the apartments are being built, is an upmarket residential suburb of Bellville in the Western Cape. It is known for its spacious free-standing homes on sizable plots in leafy surroundings.

“The nearby N1 offers direct access to the Cape Town CBD, Stellenbosch and Cape Town International Airport, making it a strategic location for professionals, retirees and family-focused buyers.”

Schoonees explained that Welgemoed is rapidly gaining attention from buyers seeking lifestyle, convenience and stability.

“Many people are moving from the Southern Suburbs to Welgemoed, with its good schools and spacious homes. We have also seen a lot of interest from expatriates who grew up in Welgemoed.”

The area is also very attractive for young families. According to Lightstone statistics, recent buyers in the area tend to be in the 36 to 49-year bracket.

Of the close to 1,000 homes in Welgemoed, currently just 26 are in a total of four estates or complexes. Notably, the few sectional title sales over the past decade showed a stronger increase in median sales price than freehold properties.

“Buyers are looking for lock-up-and-go convenience and low maintenance as well as security,” Schoonees said. “They prefer to pay levies and have a body corporate attend to maintenance, gardening and administrative tasks.”

Welgemoed properties have retained their appeal over the years despite market fluctuations. Sales activity rebounded after the pandemic and has remained elevated relative to the three years before 2020.

Given the demand for upmarket sectional title apartments, Schoonees expects the launch of 27 Grey to be well received by the marketplace.