The redevelopment consists of seven historic buildings in Cape Town's Old Town district.

In just three days since its launch on June 18, there were sales of more than R200m 100 apartments have sold, of a total 163.

Andrew Golding, CE of the Pam Golding property group, marketers of the apartments, says the project has attracted significant local and international interest. Golding says that while investors to date have been a mix of local and international buyers, the bulk are locals.

Developer Eurocape Investments says the remaining apartments are pricedat R1,9m-R4,9m.

Property economist Erwin Rode, of Rode & Associates, says one factor contributing to the success of the development is its uniqueness. "Thereis no other development like it in the world, " he says.

Rode says the development is close to Company Gardens, which hopefully will be upgraded in the near future.

"You could even contemplate raising kids there because you have a park. How many central business district developments in SA have a park nearby?That is what makes it unique and presumably that is one of the reasons for the stampede."

Francois Viruly, of Viruly Consulting, says he sees property investorsfinding it easier to interact in public space.

"Up until a few years ago, developments being looked at were places like Melrose Arch, which I consider to be semipublic space. I am starting to see the new urbanism, which in SA was limited to private space, now starting to interact with public space," Viruly says.

"We're starting to see users saying: We are willing to live in public space but we are putting our faith in local government to maintain this public space.'"

Viruly says the future of these sorts of developments will rely on the ability of the private and public sectors to interact in such a way as to sustain public spaces.