Luxury apartments in the iconic R1.2 billion Yacht Club development have sold out well before construction has been completed. Pam Golding Properties area specialist, Mariël Burger, says the sellout-success underlines the growing demand for urban living options in the city centre and neighbouring precincts, especially as the surrounding developments near completion. The Yacht Club is the biggest development of its kind in the Roggebaai precinct, and is strategically positioned near to the city’s financial hub, and adjacent to the V&A and the burgeoning Foreshore. Developed by the Amdec Group, the Yacht Club is expected to be ready by mid-2018.
“In the adjacent V&A, the price of Waterfront apartments has escalated by 85% from 2013 to date. The Marina, which was one of the first Waterfront residential developments, is selling from R70 000 per square metre on the canal to R123 000 per square metre on the front of the yacht basin,” says Burger. The Yacht Club development has been particularly popular with established buyers looking for a property investment within walking distance of these corporate offices and the last available units sold off plan for upwards from R3 million for a one-bedroomed unit to R5.3 million for a two-bedroom apartment, he adds. It offers the type of high-quality urban living that is favoured by first-time buyers, professionals and business travellers wanting a luxury, long-stay option.
Burger says it is also one of several prime developments being snapped up buyers looking for properties close to the burgeoning business hub created by Allan Gray, PriceWaterHouseCoopers and British American Tobacco (BAT) SA in the adjacent Silo and Canal District. This cylindrically-designed, mixed-use hub is set to become one of the Waterfront’s most sought-after addresses and an attractive long-term investment for local and international buyers. It’s estimated that about 2 500 people will work in the Silo District daily.
More than R6 billion worth of development has been planned or completed in the Foreshore area since 2012, according to the Central City Improvement District’s State of Cape Town Central City (CCID) Report 2015. The CCID’s residential survey (2015) also found that 73% of respondents lived within 3km of their work or place of study. The Waterfront is therefore proving to be an attractive option for buyers and renters wanting to avoid a lengthy, daily commute. Furthermore, the City of Cape Town’s investment in the MyCiti bus service has made city living even more convenient. The entire area is already widely recognised as a premier tourist destination that also offers buyers an exclusive slice of the Atlantic Seaboard property market with unparalleled views of Table Mountain and the Atlantic Ocean, and proximity to Cape Town’s bustling CBD.