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SOUND INVESTMENT VALUE ON CAPE TOWN’S ATLANTIC SEABOARD

2012/01/16 12:00:00 AM

PGP markets penthouse unit in iconic Bantry Bay building

Properties on Cape Town’s Atlantic Seaboard continue to retain sound investment value, regardless of fluctuating market conditions.  So says Pam Golding Properties, which points to the appreciation in value of apartments in one iconic building as a prime example.  The President occupies a front row position in Bantry Bay, with spectacular ocean views from every unit.  PGP is currently marketing a rare penthouse apartment at R28 million – and the company says it’s worth every penny, not only for acquiring one of the best addresses in Cape Town, but also for its long term growth potential.

“The President was built in the early 1990’s by Sanlam,” says PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, “and at the time, its 58 apartments commanded prices in the range of R5000 to R10 000 per sqm.  That pricing held steady for about five years, then increased to around R12 000 to R15 000 per sqm in 1998.  Prices again held steady for five years before going up to around R20 000 per sqm in 2003.  By 2006, the cost had leaped to some R40 000 per sqm, and it continued escalating to over R55 000 per sqm by 2008 and R60 000 per sqm by 2010.  Despite prevailing market conditions, this top-end pricing has held steady, and last year, new sales in the building were concluded in the R50 000 to R60 000 per sqm price range.”

Steadily increasing value is not the only good reason to buy at The President – Moraitis says it is one of the best-maintained buildings on the Atlantic Seaboard, with lavish manicured gardens including a rose garden and magnificent cluster of swimming pools, as well as ample visitor parking.  With 24 hour manned security, the building is the ideal home for those seeking a secure and convenient lock-up apartment, either for holiday or permanent use.

The top-floor penthouse currently for sale is one of just three in the building, and one of only two to enjoy a north-facing aspect, looking directly over the ocean as well as back towards the mountains.  Occupying a spacious 518sqm, it includes lavish living and entertainment areas, suitable for both indoor and outdoor enjoyment.  The three bedroom suites all lead out onto terraces to ensure maximum enjoyment of the panoramic views.  Other features include a private swimming pool, direct lift access, domestic quarters and two private parking bays.

“This landmark building is one of the most exclusive and prestigious on the whole of the Atlantic Seaboard,” says Moraitis, “offering a life of relaxed luxury, surrounded by spectacular scenery.  Units are not often available for purchase, particularly these rare penthouses, and when they do come onto the market, they typically sell very quickly.  For those seeking the ultimate beachfront lifestyle in an elegant and secure setting, it is a must-see.”

To view the penthouse or for more information contact PGP agents Lara Derman (082 787 8706) and Farrel Kelman (083 501 5015), or call their office on 021 439 7415.  PGP’s area manager Basil Moraitis can be reached at basil.moraitis@pamgolding.co.za.

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