Land claim to become biggest development ever in Cape Town

Posted On Monday, 14 March 2016 12:36 Published by
Rate this item
(4 votes)

A prime piece of land in Bantry Bay, once a land claim belonging to the Tramway Trust, is now under development and set to become the biggest development ever in Cape Town.

Bantry_Hills_Exterior

In 2001 the land was awarded to the Tramway Road Trust by the City of Cape Town as part of a restitution claim, on condition that it be redeveloped to benefit the beneficiaries.

Now the land is being developed into Bantry Hills, a R750million ultra-luxury development which will be unlike any other property in Cape Town.

Comments Mike Flax, the former CEO of JSE-listed Spearhead who is managing the development, ‘’We have been planning this 14 000m2development for some time, and are excited that it is finally underway. It will certainly be one of the most iconic residential developments in the Atlantic Seaboard.’’

Situated between Ilford Street and Tramway Road on the Bantry Bay/Fresnaye border, Bantry Hills has already attracted extensive interest with over half of the 60 uniquely designed apartments being sold to international buyers, with an average value of R12 million.

‘’The recent announcement by Finance Minister Pravin Gordhan that transfer duty rates have sharply increased for properties over R10million has created much demand for such developments, as buyers need not pay the heavy transfer fees. We have already sold over half of the apartments to buyers from New York, Mumbai, London and Copenhagen. There has also been a lot of interest from South African families who are relocating to the Western Cape.’

Bantry Hills joins two other ultra-luxury development sites that are currently being constructed in the Atlantic’s Seaboard. In Mouille Point, Investec Managing Director Bernard Kantor has not yet launched his 10-storey building but indications are that R60m will be asked for apartments that span each floor, and the site of Bantry Bay’s Ambassador Hotel will see the redevelopment of the Aurum Presidential Suites, with sea facing units fetching prices of R120,000 per square metre.

Conceptualised by architect Dennis Fabian, Bantry Hills is a curved 11-level building facing both Lion’s Head and the Atlantic Ocean, designed in four towers each with their own set of elevators and private lobbies. The building includes a 20-metre indoor heated swimming pool, an outdoor swimming pool and a further 12 private pools. It will also feature a concierge, spa, a business lounge, a medical emergency room, a children’s play area, a yoga garden, expansive storage facilities, three levels of parking and other storage areas.

The development will be completed in November 2017.

Last modified on Monday, 14 March 2016 12:55

Most Popular

Balwin Properties announces R9 billion Munyaka Crystal Lagoon development in Waterfall, Midrand

Feb 06, 2020
Munyaka Crystal Lagoon
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

Atterbury develops new Cape Town showroom for WeBuyCars

Jan 30, 2020
Atterbury We Buy Cars exterior view
Leading property developer and investor Atterbury has handed over the innovative…

New fire safety global standard being developed for buildings and infrastructure

Jan 30, 2020
TC Chetty RICS SA Country Manager
The Royal Institution of Chartered Surveyors (RICS) is collaborating with a coalition of…

382 Jan Smuts avenue gets caffein boost

Jan 28, 2020
Seattle
382 Jan Smuts, which is situated in the heart of Craighall, one of the busiest and most…

Green Building Council SA to reduce physical footprint

Jan 29, 2020
Dora Modise CEO GBCSA
Green Building Council South Africa (GBCSA) will be reducing their physical office…

Please publish modules in offcanvas position.