Penthouse apartments are again achieving sky-high prices, selling for up to R45 million on the Atlantic Seaboard and R50 million in Umhlanga recently.
After a period during which high value sales were few and far between, it seems that the Covid Pandemic has reignited the demand for penthouse living. This is part of the Pandemic trend where buyers are looking for a better lifestyle close to home. Buyers are also once again investing in second homes, not just for holiday purposes, but also for remote working.
The most expensive penthouse on the market is the 500sqm Eventide penthouse on Moses Beach in Clifton at an asking price of R120 million.
At the V&A Marina, the sale of a penthouse on the canals for R45 million, there is a double-volume penthouse in Parama on the front yacht basin on the market for R55 million. You could also clinch a stunning penthouse in Sandton for R22 million and in Waterfall Cascades in Umhlanga for R16 million.
The V&A Waterfront Marina has the highest volume of penthouses with 21 in total, 11 on the front yacht basin and 10 on the canals. Prices range from around R50 million. The One&Only penthouses have sold for up to R110 million in a deal concluded in 2009.
Penthouses by definition tend to be very exclusive as there is a limited supply with only a handful on the market. Aside from occupying the top floor and benefiting from spectacular views, luxury penthouses tend to offer expansive floor space of 600sqm-plus with direct lift access, large windows for maximised views and an outdoor entertainment space, often with a private swimming pool.
Buyers can usually also expect added services such as a concierge and gymnasium and other amenities depending on the particular property, says Levin. The Waterfront Marina for example offers selective yacht moorings and communal grounds and facilities such as swimming pools, a gymnasium and spa and direct access to the V&A Waterfront shopping and restaurant precinct. Security is top class.
The penthouse trend has spread to Sandton which now offers a number of exclusive units as well as the Durban North Coast areas such as Umhlanga and Ballito.