The high-rise trend return.

Posted On Wednesday, 19 February 2003 10:01 Published by
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A partnership between property groups Renprop, Devcon and Vlaming Projects is to deliver an up-market, high-rise residential development in Morningside, Sandton.
A partnership between property groups Renprop, Devcon and Vlaming Projects is to deliver an up-market, high-rise residential development in Morningside, Sandton.

To be called 10 Degrees, the project will offer 42 apartments with two penthouses in an eight-storey development. Units will be priced between R1,2m and R3,5m.

Located on the corner of Short and Benmore roads, a few minutes away from Sandton City, 10 Degrees fuels the comeback of high-rise residential developments to the SA residential property market.

In Johannesburg, the development of high-rise residential buildings was last seen almost 30 years ago in the city centre and surrounding areas from Berea to Killarney.

Renprop director Chris Renecle says demand has returned for highrise residential developments, especially in areas around Johannesburg's new central business district (CBD), Sandton.

This is a natural progression caused by the densification of the Sandton CBD.

The 10 Degrees site is a few kilometres away from Michelangelo Towers, another landmark tower development that is under construction in Sandton.

Brought into the market by Bart Dorrestein of Legacy Holdings, Michelangelo Towers is to be a 33storey development consisting of 150 luxury residential apartments with prices ranging between R1,2m and R25m on a site located in Maude Street.

Michelangelo Towers is said to have sold 80% of its units off-plan.

Word in the market is that there are a number of other up-market, high-rise developments in the pipeline in and around Sandton and in other major centres.

The trend represents a shift in the character of the SA residential property market.

There is a general upgrading of residential property pushed from below.

The emergence of a large black middle and property-owning class has flooded some markets, giving people who were in those markets an opportunity to upgrade.

Renecle says potential buyers for 10 Degrees are mainly young executives who commute between Johannesburg and other SA cities.

The demand is really for a development with a concierge which can be used as a lockup-and-go for mobile executives.

Business Day

Publisher: Business Day
Source: Business Day

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