Cape Town - A house in Cape Town's Atlantic Seaboard suburb of Clifton has been sold for R120m.
The property is situated on the slopes of Lion’s Head in Nettleton Road, which is regarded as one of the most expensive residential streets in South Africa. The deal was concluded by Dogon Group Properties and the buyer is South African.
According to Denise Dogon, CEO of Dogon Group, the house has seven levels and six bedrooms. It was designed by award-winning architect Stefan Antoni.
Features include a private cinema, a wine cellar, an office, a gymnasium, a massage room, a steam room, a library, a floating bar, staff accommodation and an infinity pool.
Fin24 reported in January that this villa managed to obtain in the region of R120 000 to R150 000 a night during the the last summer holiday season, according to Keegan Lewis, CEO of LVCT Group, a luxury property marketing and management company, which specialises in luxury villa rentals.
According to Dogon, Cape Town's Atlantic Seaboard, southern suburbs and the V&A Waterfront have experienced an increase in sales compared to the same winter months last year.
“Cape Town is experiencing local demand, and the influx of people from other provinces is bolstering the market,” she added.
WATCH: A peek inside the luxury villa during Fin24's visit earlier this year:
These factors are also driving the rental market in Cape Town, in her view. Dogon Group Properties recently concluded a lease contract for an estate in Constantia for R450 000 per month and for a house in Bantry Bay for R220 000 per month.
View from the lounge of the home sold for R120m:
“I am optimistic that the Cape Town property market will remain buoyant throughout 2018 despite the economic and political instability. Cape Town will continue to grow as a result of continued large scale migration to the city from other metros,” said Dogon.
Fin24 recently reported that Cape Town tops the list of top prime property hotspots in Africa, according to a quarterly report by New World Wealth for the third quarter of 2017. The Atlantic Seaboard suburbs of Clifton and Bantry Bay are mentioned in the report.
Research by New World Wealth also found that The Ridge and Cliff Road in Clifton top the list of most expensive streets in South Africa - at R96 000/m², followed by the V&A Marina development (R90 000/m²) in Dock Road in the central city of Cape Town.
View from the main bedroom of the home sold for R120m:
Next up are the Clifton streets of Victoria Road (R88 000/m²), Nettleton Road (R86 000/m²), Clifton Road (R84 000/m²) and Kloof Road (R83 000/m²).
The 7th to 10th places went to the Bantry Bay streets of Ave St Leon (R78 000/m²), De Wet Road (R76 000/m²), Ave Marina (R76 000/m²) and Ocean View Drive (R75 000/m²).
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