A penthouse in the brand new ‘The Marlow on Mill’ apartment block in Newlands, Cape Town, has been sold for a record R15.9 million.
“This is a record sale of a penthouse in an apartment block in the Southern Suburbs,” says Samantha Nel, Pam Golding Properties Western Cape area manager. “The previous record for an apartment in these suburbs was R12.65 million, paid for a similar apartment in ‘Newlands Peak’ when it was launched in 2020.”
The buyers of The Marlow on Mill penthouse are from the UK, and they plan to live here during their visits to South Africa.
This record price reflects the strong demand in Cape Town for well-located, high-quality sectional title homes that combine excellent security with ample parking and desirable lifestyle amenities, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
"The Marlow on Mill presents buyers with a rare opportunity to secure a home in a prime location close to leading schools, shopping destinations and lifestyle attractions, while offering convenient access to both the city and surrounding natural spaces. It also represents an attractive investment opportunity, with strong prospects for capital appreciation driven by its desirability and limited supply, supported by anticipated robust resale demand and healthy rental returns."
The Marlow on Mill, with 281 units, is the first significant new residential development in Newlands for several years. It is close to the Sports Science Institute and Newlands sport stadiums, and apartments will have views of Table Mountain.
Shelly Keys, also an area manager for Pam Golding Properties Western Cape, says its appeal lies in its contemporary design and high-quality finishes offering a modern, low-maintenance lifestyle. The central location provides easy access to shopping, dining and commercial hubs, as well as leading schools, universities, medical facilities and major transport routes, including the M3 and M5.
Sales of close to R350 million have been concluded so far, and Keys says that the majority of buyers are investors, purchasing with the intention of short-term or long-term rental income. The second largest group consists of leisure buyers, who plan to use their units as holiday homes and generate additional income through short-term letting when they are not in residence.
Buyers to date include a mix of residents of the Western Cape and other provinces, while foreign interest has emanated mainly from the USA and UK, as well as Germany. Around 70 percent of recent buyers are middle-aged or mature, with retirees and younger adults making up the balance.
“There is strong demand here for long-term and short-term rentals, making The Marlow on Mill an attractive investment opportunity with excellent income and capital growth potential. For leisure buyers it offers a convenient lock-up-and-go lifestyle in one of Cape Town's most sought-after suburbs,” adds Nel.
For further information visit sales.themarlow.co.za or contact Ashleigh Chase +27 79 940 0823 and Lee-Ann Trout +27 64 997 8311.
