Penthouse snapped up for a cool R50m

A Penthouse in the Cape Town seaside suburb of Mouille Point has been sold for the record price in the neighbourhood of R50-million.

The property, which was considered one of the finest pieces of real estate along the city's Atlantic seaboard, was said to have attracted interest from both local and international buyers.

The home was sold to a man whom auctioneers would describe only as a "local businessman".

The penthouse, which has a triple-layered glass staircase which took 15 months to construct, is at the water's edge, a few minutes' walk from the V&A Waterfront.

It has an imported, custom-designed Swarovski crystal chandelier, and a 22-seat dining room table that had to be hoisted into the apartment by crane. The apartment occupies the ninth and 10th floors of the building.

The home has four en-suite bedrooms, two entertainment areas, a rooftop pool and Jacuzzi, and a six-vehicle private garage.

Auction Alliance's national property director, Craig Berman, said that, despite the slump in the property market, "the number of Gauteng home seekers on our Cape Town auction floors has increased substantially.

"People are becoming increasingly attracted to the efficient management of the city . and are migrating to Cape Town in rising numbers," he said.

Berman said the selling price was a record for an apartment "in that part of town".

"They just don't sell at that level," he said, adding that, on average, penthouses in the area sell for between R5-million and R15-million.

Audrey Matthews, director of Ronnie Matthews estate agency in Cape Town, said Gauteng residents were increasingly moving to Cape Town.

"I have a lot of up-country buyers coming to Cape Town, mainly because of the way Cape Town is currently looking," she said.

"The city is pristine, the infrastructure, the services, are in place.

"As a city, the upgrading that has taken place here shines through a mile away.

"A lot of up-country people are very concerned about the way Johannesburg is looking."

Matthews said her buyers from Gauteng included people who were retiring, or sending their children to university in the city, or who wanted to invest in property and gain capital growth.

"I go to Johannesburg once every two weeks and I am doing a lot of business up there with Johannesburg people just with my Cape Town stock," she said.

City of Cape Town spokesman Kylie Hatton agreed that the city was attracting more Gauteng residents.

"We have focused a lot of effort and resources on creating a functioning environment in terms of water, electricity and road infrastructure, making sure that the city is attractive to do business in and live in."