In 2001, Tramway Road trust was awarded land in the Bantry Bay by the Cape town city in what formed part of a restitution claim. This was on condition that the land is redeveloped to be of benefit to the beneficiaries. This land is now being developed into a US$11.4 million ultra-luxury development.
According to Spearhead CEO Mr. Mike Flax who also sums up as the development manager, this development has been in plan for some time and they are excited that it is finally taking shape. He says the residential developments will be one of the most iconic in the entire Atlantic seaboard. “We have been planning this 14,000m² developments for some time, and are excited that it is finally under way. It will certainly be one of the most iconic residential developments in the Atlantic Seaboard,” he said.
Located strategically between Liford Street Tramway road and the Bantry Bay/Fresnaye border, Bantry Hill has already attracted both local and foreign interest with over 60 specially designed apartments being sold to international buyers to a tune of US$182.8 million averagely.
Flax added that following the Finance Minister’s announcement that transfer rates for properties over R10m have sharply increased, there has been exponential increase in demand for such developments as buyers need not pay the heavy transfer fees. Because of this, he said, half of the apartments are already sold out to buyers from New York, Mumbai, London and Copenhagen. A lot of South African families have also shown a lot of interest, with several relocating to the Western Cape.
In addition to Bantry Hills, two other ultra-luxury development sites are currently under construction the Atlantic Seaboard. Investec managing director Bernard Kator is yet to launch his ten storey building in Mouille Point with indications clear that R60m will be asked for apartments that span each floor. The site of Bantry Bay’s Ambassador Hotel will see the redevelopment of the Aurum Presidential Suites with each unit facing the sea going for R120000/m2
According to architect Dennis Fabian, Bantry Hills is a curved 11-level structure facing the Lion’s Head and the Atlantic Ocean. It’s designed in four towers and each comes with a separate elevator and private lobbies. The building is fitted with a 20-metre indoor heated swimming pool, an outdoor swimming pool and a further 12 private pools. It will also come with a concierge, spa, a business lounge, medical emergency room; children play area, a yoga garden, expansive storage facilities, three levels of parking among other facilities