SA's most expensive properties set gold standard

Armani Dada kitchens worth more than R3-million, Italian marble finishes, hi-tech cinemas, wine cellars, Zen gardens, spas, designer appliances and super-fancy loos.

This is the opulence that some of South Africa's most expensive properties have to offer and what the super-wealthy want in a home.

Property experts say homes in Johannesburg's northern suburbs and KwaZulu-Natal's exclusive coastal estates are sought after, with mansions on the market for R47-million and R45-million respectively.

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But Cape Town leads the pack in the property stakes, with arguably the most expensive houses in the country, some with price tags of R150-million.

And the Mother City is not lagging when it comes to penthouses and apartments either.

Last month, the city gave the nod for the Ambassador Hotel in Bantry Bay to be transformed into Aurum, meaning gold in Latin and billed as "one of the most luxurious and sophisticated residential developments yet to be seen in Africa".

Construction of the development is expected to start next month and it is earmarked for occupation in September next year.

Darvesh - a billion-dollar family-owned conglomerate based in Dubai - paid an undisclosed sum for the hotel last year. Its president, Ahsan Hassan Darvesh, who has reserved a penthouse for himself, said Aurum would "redefine the concept of limited-edition living in South Africa".

Ten of the planned 23 residences have been sold to super-wealthy South Africans , 70% of whom paid hard cash for the privilege.

Aurum will come complete with a luxurious spa, 24-hour valet and concierge services, and landscaped grounds around a pool.

Its eight "presidential" residences are priced between R67-million and R115-million.

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Lily Eskandari of Da'Realty Global, a subsidiary of Darvesh, said that orders had been placed with some of the "most exclusive manufacturers to ensure that Aurum was in an uncompromising class of its own".

Most apartments will contain Armani Dada-designed kitchens (including fittings and fixtures) with an average price of R3.5-million per unit; Gessi sanitary ware, priced at an average of R400000 per bathroom; and R300000 dressing rooms by Italian fitters Molteni& C/Dada.

And when it comes to palatial houses, Cape Town's famed Clifton boasts some on the market for R150-million.

That's the price tag for a mansion with six bedrooms and six bathrooms in the Nettleton Ridge Exclusive Private Estate.

Located a street away from South Africa's most expensive road, Nettleton Road, the mansion, designed by Peerutin Architects, features a wine cellar, spa, gym, a smart technology system, marble finishes, parking for six cars and elevator access.

"It is a newly built home, never been occupied before," said Pam Golding Properties agent Annette Hepburn.

Its crowning glory - apart from its views of the Atlantic Ocean and Twelve Apostles mountains - is an expansive garden terrace with a 25m heated swimming pool.

On Nettleton Road itself is the Stefan Antoni flagship villa, aptly named the Pentagon. It boasts a butler's quarters, a hi-tech cinema, gym, Italian marble finishes, Zen garden and a waterfall.

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Seeff Properties' Lance Cohen said the Pentagon was sold for R111-million last year and is back on the market for R150-million.

"Nettleton is South Africa's most expensive street," said Cohen. "The weakness of the rand is attracting a great deal of foreign interest here.

"Cape Town certainly leads the pack; the markets in Johannesburg and Durban are slightly depressed right now."

Property research company Lightstone attributes the high value of properties in Clifton and the rest of the Atlantic Seaboard "to the exclusivity the landlocked area creates".

Paul-Roux de Kock, Lighthouse's analytics director, said: "The lack of space means that only a certain number of properties can be built in the area, which means this limited supply drives up the prices."

Andrew Golding, who heads the Pam Golding Properties group, said : "It's obvious that Cape Town's coastline and mountains act as a major constraint on the city's ability to expand, which goes some way in explaining the outperformance of the Cape housing market despite Johannesburg's economic dominance."

govendersu@sundaytimes.co.za and davidsn@sundaytimes.co.za