Local buyers boost sales, V&A Waterfront apartments top the leader board

The V&A Marina is now the leader in top end apartment sales, commanding the highest rates on average in the country. The boost has come largely from local buyers taking advantage of the favourable investment climate and considerably weaker rand. These buyers are also paying ever-higher rates as they look to secure a foothold here with the average rate per square paid for apartments at the V&A Waterfront up year-on-year by about 30% and significant peak rates paid of well above the R85 000/sqm price mark. That is the word from Kim Bailey and Finella Botes, Seeff’s agents for the development who note that there has been no real slowing in activity at the Waterfront this year. Where, in prior years, it was predominantly foreign buyers, we are now seeing mostly South Africans, especially Capetonian residential buyers setting up home here. While most of the suburbs of the Atlantic Seaboard has seen a dip in activity this year, sales at the V&A have been pretty much on par with last year, aided by the strong showing of confidence by local buyers, say the agents. Where apartment sales only just topped about R50 million per quarter in prior years, we have since last year seen sustained quarterly sales of about R100 million. This 515-residential unit development alone has yielded almost R2.25 billion in real estate sales in just over five years, i.e. since 2009, with about 194 properties trading hands at an average rate of around R11.5 million per unit. Sales for this year already tops about R388 million with almost 40% of all sales falling above the R10 million price band. Apartments at the Front Yacht Basin now comfortably reach prices above R15 million. The price of a two-bedroomed apartment has reached R19 million for a unit in Palgrave on the Front Yacht Basin and R14.85 million for a unit in Helenslee on the canals. And, it has been an overwhelmingly cash market. The highest prices paid so far have been at the sought-after Front Yacht Basin (FYB) complexes where four apartments in Penrith have sold for upwards of R15 million to R19 million while a three-bedroomed unit in Parergon sold for R24 million, the highest price paid this year. Prices on the FYB is also about 40% higher than on the canals. On the canals’ side, Juliette has been the most popular with six sales ranging to R13 million for a two-bedroomed unit and a peak rate of R76 471/sqm. This is followed by Carradale with five sales ranging to R9 million for a two-bedroomed flat and a peak rate of R62 069/sqm. Kylemore has seen four sales ranging to R15.75 million for a three-bedroomed unit and a peak rate of R94 136/sqm. Meanwhile, some four apartments sold at Helenslee ranging to a highest price of R14.85 million and a peak rate of R87 353/sqm. Three units sold in Ellesmere ranging to R9 million for two bedrooms and a peak rate of R64 286/sqm. Canal-facing apartments are now achieving on average about R65 000/sqm, about 30% more than last year’s R50 000 and some 63% higher than the 2011 average of around R40 000/sqm. The Front Yacht Basin continues to attract rates of up to 15%-20% on average higher compared to the canal-facing apartments. Sellers in complexes such as Parama, Parergon, Penrith, Pinmore, Palgrave and Pembroke can now expect average rates of up to around R100 000/sqm. That is some 43% more than last year’s average of R70 000/sqm and about 82% more than 2011’s average of R55 000/sqm. The highest single rate paid at the Waterfront this year is R94 136/sqm. Only Clifton tops this at R120 000/sqm. Comparatively, Bantry Bay boasts a highest rate of R77 647/sqm and Camps Bay of R72 569/sqm. There is simply nothing that compares to the location and lifestyle on offer and the price that buyers are prepared to pay for an apartment at the V&A according to Bailey and Botes. While one-bedroomed apartments are still selling for under R7 million, two-bedroomed units, especially those on the Front Yacht Basin now range up to about R18 million. There are still some three-bedroomed units up for grabs at upwards of about R12.5 million in Phase one of the Marina, but penthouse units can reach up to R45 million for an apartment with a spectacular setting and ocean views. For this though, you get about 500sqm in floor space, two lounges, a study, three luxury bedroom suites, a water-facing terrace (with fabulous views), a store room, triple garaging, air-conditioning and all of the lifestyle benefits on offer. For more information, contact Seeff V&A Marina, Kim Bailey and Finella Botes on 083 448 2632/082 600 9530 or visit www.seeff.com.
15 Dec 2015
Author Seeff