Is Sandton the new millionaire’s mile?

Is Sandton the new millionaire’s mile?

The Atlantic Seaboard may be South Africa’s premier residential real estate belt, but high net-worth individuals will pay top dollar for the right properties in Johannesburg too. A three-bedroom penthouse at Michelangelo Towers in Sandown has been listed for R48.9m with Pam Golding Properties. Rupert Finnemore, Pam Golding Properties’ Hyde Park joint area manager, says the highest price paid for an apartment in Sandton’s city centre was R43m for a penthouse in 2014.

Most new residential apartment developments in and around central Sandton sell for R35,000/m2 to R60,000/m2. At R85,500/m2, the Michelangelo Towers penthouse is one of the most expensive homes of its type to go on sale in the area.

Business Day reports that insurance tycoon Douw Steyn’s Fourways mansion, on the edge of Sandton, was recently completed at a cost of R250m, possibly setting a new South African residential property record. Palazzo Steyn is a 3,000m2 property on a 2.5ha stand, the first residential property to be completed at Steyn City mixed-use lifestyle estate.

A Seeff agent recently made one of South Africa’s pricier property sales, achieving R111m for a multi-level home in Clifton’s Nettleton Road. During 2015 the Atlantic Seaboard has had 24 sales with a combined value of almost R777m, according to Ian Slot, Seeff’s managing director for Atlantic Seaboard and City Bowl.

 

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