Cape Town - New World Wealth recently rated the top 20 super luxury apartments in SA as part of its SA wealth report.
According to Andrew Amoils, head of research at New World Wealth, luxury apartment living is on the rise in SA.
"Similar to our research on the top estates in SA, we looked at the luxury apartments that appeal to wealthy people. We take resale potential into account as well," Amoils told Fin24.
His research determined that the three most important factors to look at when evaluating luxury apartments are the activities available, the facilities available and the appeal to wealthy people. The concept of appeal would include whether the apartment and building is "fancy enough" - which he admits is a bit of a subjective issue.
Of course security is another important factor for the wealthy.
At the same time, an apartment or apartment complex need not be the most expensive to be top rated as a super luxury apartment, explains Amoils. It must, however, be well maintained and in a good location to appeal to the wealthy. It could be a one bedroom apartment of between R2m and R3m - or R8m in Bantry Bay or Clifton.
READ: SA's super rich increases, rich declines - report
Amoils said the idea of "hotel residences" is a huge phenomenon overseas - for instance the Plaza Hotel in New York and the Taj and Cape Royale in Cape Town.
"Many of the luxury apartments are also serviced even if they are not part of a hotel residence development," explained Amoils. "It could have a communal cleaning service and even room service, for instance."
A lot of these super luxury apartments are used as second homes by their wealthy owners, or for business purposes. Owners of these types of apartments in Cape Town's V&A Waterfront, for instance, would often also have their own yachts nearby.
He says it looks like the new Aurum development in Bantry Bay (where the old Ambassador Hotel used to be) will end up being the most expensive per square meter.
"If you have the money and are prepared to pay the generally high levies - for things like gym access and more - then these super luxury apartments are the perfect place for a second home for the super rich - locals, those from overseas as well as from the rest of Africa," says Amoils.
The top 20 super luxury apartments in SA (unranked and in alphabetical order):
- Amalfi (new) in Mouille Point, Cape Town;
- Aurum (new) in Bantry Bay, Cape Town;
- Cape Royale in Greenpoint, Cape Town (a hotel residences);
- De Meermin in Plettenberg Bay;
- Eventide in Clifton, Cape Town;
- Franklin Row in Illovo, Johannesburg;
- Melrose Arch in Melrose, Johannesburg;
- Michael Angelo & Raphael Suites in Central Sandton, Johannesburg;
- San Michele in Clifton, Cape Town;
- Sandton Emperor in Central Sandton, Johannesburg;
- Silo Apartments (new) in the V&A Waterfront, Cape Town;
- Taj Residences in the City Bowl, Cape Town (hotel residences);
- The Bantry in Bantry Bay, Cape Town;
- The Bermudas in Umhlanga, Durban;
- The Houghton in Houghton, Johannesburg (also an estate, upcoming hotel residences);
- The Pearls in Umhlanga, Durban;
- The Water Club in Granger Bay, Cape Town;
- The Yacht Club (new) in the Foreshore, Cape Town;
- V&A Marina in the V&A Waterfront, Cape Town;
- Whitehall Court in Killarney, Johannesburg.