Buying frenzy at launch of new Century City apartments

Buyers have snapped up 106 of the 144 apartments in Waters Edge, the latest residential development at Century City in Cape Town, for a total value of R256.6 million at its launch early in November.

Developed by Rabie and designed by Munnik Visser Architects, Waters Edge will comprise 41 one bedroom apartments, 71 two bedroom apartments and 32 three bedroom apartments, as well as two penthouses. Units vary in size from 62sqm to 205sqm, including balconies, with prices ranging from R1.775 million to R5.75 million.

This is according to Brian Usher of Property World, the dedicated onsite sales agents for Rabie, who says this represents a 66.9% sell out, and is the highest value of sales they have achieved at a launch for many years.

“And that is in spite of the fact that, due to its intricate design and its unique location, the average selling price of R32 000 per square metre is higher than most other residential developments undertaken at Century City to date. However, it still offers exceptional value for money and prices, are significantly lower than comparative developments in the City Bowl and elsewhere,” he says.

“In addition, the fact that this is the last residential development, other than at the Oasis Luxury Retirement Resort, which will be undertaken at Century City for the foreseeable future, and not until the Ratanga precinct is redeveloped, is also strongly underpinning sales.”

Usher says Waters Edge, which is being built at a cost of R350 million, will be a truly spectacular development situated on arguably the most prestigious site at Century City, backing onto Canal Walk Shopping Centre, but overlooking the 16ha Intaka Island wetlands reserve.

Two of their three other most recent residential developments at Century City sold out within an hour at their respective launches, but he says these developments had been smaller.

Usher says Waters Edge, which is being built at a cost of R350 million, will be a truly spectacular development situated on arguably the most prestigious site at Century City, backing onto Canal Walk Shopping Centre, but overlooking the 16ha Intaka Island wetlands reserve.

Matrix had comprised just 51 apartments totalling R100 million, and Mayfair comprised 130 units totalling just over R200 million, with the entire first phase being sold at the VIP launch and the balance over the launch weekend.

Developed by Rabie and designed by Munnik Visser Architects, Waters Edge will comprise 41 one bedroom apartments, 71 two bedroom apartments and 32 three bedroom apartments, as well as two penthouses.

Units vary in size from 62sqm to 205sqm, including balconies, with prices ranging from R1.775 million to R5.75 million.

Usher says all apartments will have balconies, be either north or north east facing and offer access to high-speed internet connectivity.

The eight storey building is built on a plinth, which elevates the height of the structure by two floors and allows for pedestrian movement and extensive landscaping of the ground level plaza.

Construction of Waters Edge is expected to start in April 2016, with completion scheduled for late-2017.