- This seven-bedroom planned villa in Cape Town is considered the most expensive property currently for sale in South Africa, even though the houses have yet to be built.
- It must have a four-bedroom villa, as well as a three-bedroom penthouse, which can be purchased as a package or separately.
- Buying the villa as a whole will cost R230 million, while buying the villa or penthouse separately will cost R115 million each.
- Construction should only begin when someone signs on the dotted line.
- for more stories, go to www.BusinessInsider.co.za.
A planned seven-bedroom villa in Cape Town, widely considered the most expensive home you can currently buy in South Africa, is for sale for R230 million, but construction will start only after a deposit has been received, and it is expected to be completed in 2024.
The Sky Is The Limit complex, which will consist of a penthouse and a villa, will be located in Clifton, one of the wealthiest neighborhoods in the Mother City. It overlooks the beaches of Clifton, Camps Bay and Table Mountain National Park.
However, even at full asking price, the property will not set a South African record; in 2016 a Bantry Bay property was sold for 290 million rand.
Other residential properties intended for single-family use have been sold for more than 100 million rand.
The planned 504 square meter penthouse will offer a TV room, a study, three luxurious en-suite bedrooms, a laundry room and a storage room. It will also have a terrace that comes with an infinity pool.
The villa will be outfitted with natural stone, softwood, marble, and glass. It will have four large en-suite bedrooms, a study, a TV room, its own laundry room and a storage room. Outside there should be a patio, a private garden and an oversized pool.
The entire property, with a plot size of 751m², will have 7.5 bathrooms in total, four garages and state-of-the-art security.
Three options to buy
According to Remax Living independent contractor Karryn Cartoulis, buyers have three options when purchasing the development.
“They can choose to buy it as a villa, which would then be seven bedrooms for R230m, or they can choose to do a sectional title.
“This means they would then have the smallest villa with five bedrooms and their own exclusive garden for R115 million,” Cortoulis told Business Insider South Africa.
The third option would be to buy the three-bedroom penthouse for R115 million. Cartoulis said the layout ensures the villa and penthouse won’t get in the way of each other if purchased separately.
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“The only common area is that when you walk in, there will be a large basement for parking and storage. That’s what the villa and the penthouse will share, and then you go to a landing area and take the elevator,” he said.
Once the buyer enters into a sales agreement and puts down a deposit, construction will begin. The buyer will also have the option to modify the property to make it more personal for his family.
The seven-bedroom property is expected to take 18-20 months to complete, then will be ready for occupancy from 2024.