PROPERTY: Sea Point Luxury Arrives, New ‘Elements’ Apartments Launched
Recent Western Cape Business News
LUXURY housing is arriving in Sea Point for the first time in a significant way with the launch of the new ‘Elements’ development, comprising of two tandem buildings, Elements on Main and Elements on Battery. Both offer fabulous views and access to a rooftop entertainment and leisure area with a pool located at the top of Elements on Main.
Ross Levin, Developments Director for Seeff Atlantic Seaboard and City Bowl says that this new development is a further boost to the attractiveness of the Atlantic Seaboard and caters for the growing demand for luxury apartment living.
Land scarcity means that new developments such as this are rare, especially in such an elevated, yet quiet location, which provides for some of the most amazing views in the best performing property market in South Africa, says Levin. The unique, terraced building design enables unobstructed views from almost all of the units. In contrast, most complexes only offer views for units located above the third floor.
The apartment lifestyle has become a sought-after option even for local buyers downsizing from large residential homes to enjoy the vibrant, cosmopolitan lifestyle that the Atlantic Seaboard offers. In addition, Levin expects significant interest from upcountry and foreign buyers looking for investment property or a second/holiday home in the city.
The Elements offer a total of 16 luxury two-bedroomed apartments, generously sized upwards of 162sqm-282sqm. Contemporary interiors and luxury finishes are the hallmarks of the development. These include the latest designer kitchens, seamless open-plan living areas, SMEG appliances, MEIR Sanware, low-energy LED lighting, European oak flooring, gas fire places, walk-in wardrobes, Wi-Fi enabled, motion sensor lighting and other smart home features.
Each unit is equipped with an entertainment terrace with an integrated gas braai and prep area. Additional features include a custom fitted office space for two, centralised gas supply, basement storage facilities and two secure parking bays each.
A focus on environmentally friendly living is catered for by aspects such as energy saving heat pumps, an eco-friendly light harvesting LED system, rainwater harvesting, a bicycle wash bay and scooter parking.
Residents of both complexes will enjoy access to the fabulous communal rooftop entertainment and chill area located at the top of Elements on Main and boasting some of the most spectacular views on the seaboard. This space includes landscaped gardens, a large swimming pool, outdoor shower, personal herb gardens and a Wi-Fi enabled bar and work area, all in a tranquil green environment designed for socializing away from the urban bustle.
There is also state-of-the art 24-hour security including CCTV surveillance and mobile-enabled controlled biometric access. Prices range upwards of R8.495m to R15.095m for a top end unit.
Levin says that you cannot make a better investment right now than an apartment on the high demand Atlantic Seaboard strip. Apartments in Cape Town’s luxury suburbs are the fastest selling property category, significantly outstripping the market by a ratio of 46 vs 68 days.
Sea Point in particular has seen notable capital value accumulation over the last few years on the back of rising prices in the neighbouring suburbs. The average selling prices on the Atlantic Seaboard have tripled over ten years and values are up by a significant 67% over the last five years.
This presents a strong investment case, says Levin. Sea Point also ranks amongst the most sought-after rentals and based on a 5-8 year holding period, property owners are achieving rental returns of between 8.5%-14%, significantly higher than most other high density apartment areas.
The ceiling prices for Sea Point has risen significantly in recent years and the entry level price for a luxury apartment here is now around R6 million based on older stock. New stock will be significantly higher. The Elements developments fits perfectly within the high demand price bracket of R8m-R15m. You will not find anything in this class in the neighbouring suburbs, so this is indeed an excellent buy, says Levin.
Sea Point is a fabulous lifestyle seaside suburb with excellent access to the beaches of Clifton and Camps Bay as well as the Waterfront, Cape Town Stadium and CBD. Main Road is bustling with attractions including retail stores and services along with a host of restaurants, street cafés and bars. You also have quick access to restaurants in neighbouring Green Point.
The suburb currently ranks as the most sought-after for apartments with the highest volume of apartment sales. Because of the location, just about anywhere in the suburb is a good investment as you are within walking distance of Main Road and the Palm-tree line promenade.
The promenade is a key attraction and offers space to enjoy a bout of outdoor yoga, or a hike or cycle along the boardwalk that winds all the way to the Waterfront. There is also a large lawned area for picnics or to just laze about as well as an outdoor gymnasium.
Nearby Green Point offers a greenbelt area as well as a golf course. Sea Point is also in close proximity to fabulous ocean view restaurants and cocktail bars such as at the Radisson and Bay Hotels as well as the new Silo Hotel along with fabulous hot spots like the Grand Café and Beach and Clifton’s Bungalow Restaurant.
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