Cape Town - Penthouse living is synonymous with the rich and famous and Cape Town’s Atlantic Seaboard illustrates this trend, according to Ian Slot, managing director of Seeff Atlantic Seaboard, Waterfront and City Bowl.
"While the sky is the limit in terms of what celebrities and high net-worth individuals will pay for the perfect penthouse, South African prices are still well below international rates," says Slot.
"Aside from residential or retirement buyers, penthouses also appeal to holiday and second home buyers given the easy living and low-maintenance that it offers."
The most exclusive penthouses tend to be in the Cape Town suburb of Clifton and at the Waterfront Marina where Slot says one could now expect to pay up to R200 000/m² and R130 000/m² respectively for an exclusive position.
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He said The One Penthouse at the One&Only at the V&A Waterfront - which was sold by Seeff in 2009 for over R110m - is still regarded as the most expensive penthouse in the country.
According to Slot, the most exclusive penthouse currently on the market is on the beachfront in Mouille Point in the new East West building. Priced at R88m (plus VAT) it offers 676m² spread over two floors. The penthouse has three-bedroom suites, two living areas, an entertainment deck and private pool.
In complexes like La Camargue in Sea Point and The Fresnaye in Fresnaye, prices for penthouses range from R22.5m for a 465m² unit in The Fresnaye to R42m for a penthouse in La Camargue.
According to Seeff agents, the Cape Town CBD also offers a number of top-class penthouses with great views of the city and harbour. Prices range from around R17.5m to R30m at about R80 000/m² to R98 865/m².
The two Stonehill Place Penthouses at the top of the Radisson Blu hotel are priced at R20m and R25.5m respectively. These penthouses all have access to the hotel amenities, including restaurants, a spa and gymnasium and a swimming pool.
According to Seeff Sandton, the most expensive penthouses in this Johannesburg suburb include one in the Michelangelo Towers which sold for R43m in 2014 and was marketed at R50m about 18-months ago. A penthouse in the Regent in Morningside sold for R31m in 2016 and was again listed about 18-months ago at R60m.