Most Expensive Residential Property in South Africa (The Bugle)

Did you know that the most expensive residential property ever sold in South Africa was one of three ultra exclusive penthouses majestically positioned at the top of Sol Kerzner’s One & Only hotel in the V&A Waterfront? This property was sold by Seeff Atlantic Seaboard. A deeds office search on the registered sectional scheme of the One & Only reveals that a transfer was registered on 15^th December 2009 for Section 3 (the apartment @ 1,076 sqm) and Section 13 (the garage @ 79 sqm) for an amount of R108m. The other two penthouses remain for sale and are exclusively marketed by Seeff. (check out www.oneandonlypenthouses.com ). The one unit is advertised at R99m (1,435 sqm) and the other smaller unit at R75m (800 sqm). 

A mortgage bond for R65,000,000 in favour of First Rand was registered over the sold property. Assuming a 20 year term of this loan and an interest rate of 8,5% (I would assume some rate concession would have applied to this client however), this translates into a monthly repayment requirement of R564,085.10. Affordable? Probably, especially when it is your holiday home. The total amount repayable over the term of this loan is a whopping R135,380,424.41. At a loan to value of 60.2% this is a good deal for the bank. 

If Seeff was able to sell this property, there is a pretty good chance of them selling the other two apartments – and your exclusive property. A search for the most expensive South African residential properties reveals several in the R70-R100m bracket – a Stefan Antoni masterpiece in Nettleton Road, Clifton at R90m or a R71m multi-level Bantry Bay home. A handful of extensive Franschoek wine estates would potentially trade up to R150m. 

All of these do not however come even close to the extra-ordinary development we have witnessed and recently wrote about (and seen in the national press) on the 14ha site bordering Zimbali and Hilltop Private Estate which was purchased by Zimbabwean Robert Mhlanga. Having paid just under R200m for the two large sites (excluding transfer duty) and then having spent conservatively another R200m on infrastructural upgrades (my unconfirmed guestimate), I am calling this South Africa’s most expensive ultra luxurious residential property (until proven wrong). Now how about owing property bordering onto this amazing residence? In neighbouring Hilltop Private Estate you can currently purchase beautiful vacant land sites from R895,000 or a 144 sqm two bedroom apartment from R1,250,000. Its all about being in the right neighbourhood.