A prime piece of land in Bantry Bay is set to become Cape Town’s single biggest Atlantic Seaboard residential development.
In 2001, the area was awarded to the Tramway Road Community Trust by the City of Cape Town as part of a restitution claim, on condition that it be redeveloped to benefit the beneficiaries. Now it is being developed into Bantry Hills, a R750m ultra-luxury development by Spear Properties.
“We have been planning this 14,000m2 development for some time,” explains Spear Properties CEO Mike Flax, the former CEO of JSE-listed Spearhead Property Holdings. “It will be one of the most iconic residential developments on the Atlantic Seaboard.”
According to Flax, the recent announcement by finance minister Pravin Gordhan that transfer duty rates have sharply increased for properties over R10m has created demand for such developments, as buyers need not pay the heavy transfer fees. “We have already sold more than half of the apartments to buyers from New York, Mumbai, London and Copenhagen. There has also been a lot of interest from South African families who are relocating to the Western Cape,’’ he says.
The average value of the apartments is R12m. The development will be completed in November 2017.
