R84 million The Penthouse under construction in Fresnaye

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24-07-2024
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CapeTownetc
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For R84 million, a four-bedroom Fresnaye development with views of the Atlantic coast is for sale. 

The Penthouse development is presently under construction.

The property’s vistas, which Pam Golding claimed would wow you, are one of its main draws.

A 215 square metre exterior space and 410 square metre interior make up the 665 square metre property.

A spacious terrace including a big rim flow pool is connected to the entertainment level by an indoor-outdoor flow.

With integrated appliances, the sculptural kitchen island combines style and utility. There’s also a dedicated TV area next to the three-bedroom suites. 

‘The walk-through dressing room is a haven for fashion enthusiasts, while the oasis-like bathroom offers a tranquil escape from the outside world and a private office.’

‘There is also a gym to be enjoyed on this level.’

In addition, The Penthouse features staff quarters, a storage room and five parking spaces.

High net worth individuals are still drawn to Cape Town, where residences may fetch over R20 million from both domestic and foreign purchasers.

Seeff reports that compared to the first quarter of 2023, more houses sold for more than R20 million in 2024. 

According to Samuel Seeff, chairman of the Seeff Property Group, Cape Town has the nation’s strongest real estate market. Strong city government and service delivery are related to this.

The momentum in the R20 million-plus market segment is still strong, according to Ross Levin, the licensee for Seeff Atlantic Seaboard and City Bowl, despite some shares being restricted.

Speaking prior to the May elections, Levin stated that the ultra-luxury segment of the market is not very worried about the outcome of the election because stability in the Cape was anticipated. 

‘Although it is expected that this could be a historic election, most do not see it impacting the country at this stage, although typically, we do see increased momentum post-election,’ said Levin.

The DA maintained its majority in the Western Cape and joined the Government of National Unity, gaining six ministerial positions, demonstrating the validity of this claim.

Furthermore, foreign buyers don’t give a damn about politics in South Africa. They believe that the nation offers good value, enhanced by scenic beauty, a pleasant environment, enticing recreational options, and well-developed infrastructure.

Additionally, there have been more sales at the highest end of the market while the middle sector has slowed down as a result of the poor economy and high mortgage rates. 

‘High net-worth buyers are taking advantage of the flat price growth, and they are most certainly investing in Cape Town as they see it remaining stable and well managed under a DA government after the elections.’