Some 124 apartments for a combined R618 million were sold during the online launch of The Charles earlier this month in Somerset West, in the Cape Winelands.
That’s according to Pam Golding Properties, which said the transactions, spanning studio to three-bedroom units and a penthouse, point to sustained demand for higher-end, lock-up-and-go residential stock in the Helderberg area.
The scheme, within the grounds of the Lord Charles Hotel, offers apartments priced from R2.1 million to R7.3 million, with penthouses from R25 million. One of only two penthouses sells for R25 million. In phase one, developers released 140 of the 178 units.
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Dr Andrew Golding, CEO of Pam Golding Property group, stated that it is set to become a landmark.
“The Charles redefines apartment living in sought-after Somerset West. This represents one of the highest-volume, launch-day sales we have achieved,” he said.
The development is a joint venture between UNIR Projects, IGUAL Property Group, and 181 DevCo, with GLH & Associates Architects appointed for design. Clifford Kupritz of UNIR Projects says the project is positioned to meet demand for premium apartments in the area.
“A well-considered offering will always resonate with buyers,” said Louise Varga, area manager for Somerset West, Stellenbosch, Gordon’s Bay, and Strand at Pam Golding Properties, indicating continued deal flow after launch.
Buyers include local buyers and investors, with additional interest from international markets.
Golding says semigration and limited rental stock in the Helderberg basin are supporting demand, with few comparable developments of similar scale coming to market.
Phenyo Selinda is a Moneyweb intern.*
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