Clifton apartment sells for new South African record price
The five-bedroom residence, situated on the shoreline of 1st Beach, features state-of-the-art finishes, sweeping ocean views, and expansive entertainment areas that reflect the highest standards of coastal living.
Industry experts say the property likely exceeds 300 square metres, with spacious en-suite bedrooms, modern open-plan design, private terraces, and bespoke fittings.
While the identity of the seller remains undisclosed, the buyer has been reported as a former South African now residing in Monaco.
This transaction surpasses the previous record of R120 million for an apartment in the country and highlights the growing demand for ultra-high-end properties in the Atlantic Seaboard area, particularly Clifton – often dubbed South Africa's 'Billionaire's Row'.
According to John Lawson, CEO of the Cape Chamber of Commerce and Industry, the record sale reflects a broader trend of property investors favouring Cape Town over other parts of South Africa due to its functional governance, reliable infrastructure, and high quality of life.
'There's a noticeable gap between Cape Town and other metros when it comes to service delivery. That difference is being reflected in the property market,' Lawson said.
In recent years, Cape Town has consistently outperformed other metros in terms of attracting both local and international buyers, especially in high-net-worth sectors.
Property in Clifton continues to command premium prices, driven by limited supply, world-class amenities, and spectacular coastal views.
Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1
Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
2 hours ago
- IOL News
KwaZulu-Natal Education Department plans to save R100 million by purchasing offices
KZN education MEC Sipho Hlomuka Image: file picture The KwaZulu-Natal Department of Education has announced ambitious plans to own its own offices and save close to R100 million a year in rental costs. The department revealed that it is renting about 22 buildings at a cost of approximately R120 million per year. These revelations are contained in its budget that details its cost drivers and how it aims to reduce these costs. The department is facing a financial crisis and has recently been bailed out by the provincial government, which reappropriated close to R900 million from other departments to assist the departments of health and education in meeting some of their obligations. Speaking on the cost drivers, MEC Sipho Hlomuka said Compensation of Employees (COE) takes up the largest part of the department's budget, accounting for close to 90%. 'Over the years, we have retained a pool of 90,057 educators, of which more than 86,000 are distributed to schools through Post Provisioning Norms (PPN) certificates. Due to several budget cuts implemented by the National Treasury and increased costs associated with employee salaries, it has become increasingly difficult to sustain this pool of teachers, as they are gradually becoming unaffordable. This situation has continued to worsen. 'We have always been upfront during our engagements and consultations with our education stakeholders, stating that maintaining the aforementioned pool is becoming unsustainable given the current circumstances,' said the MEC. He stated, 'We have assessed our own expenditure and are implementing a robust cost reduction strategy to mitigate the impact of budget cuts on the sector. This includes evaluating our spending patterns, prioritising essential services, and exploring alternative funding sources to ensure that we can continue to provide quality education to our learners.' Speaking on office accommodation, facilities, and provision of tools of trade, he said the department is in the process of reducing costs related to office facilities from where it conducts its business operations. 'There are 22 buildings that are leased by the Department through Public Works. The cost spent for the payment of rental towards leased buildings is projected at R120 million per annum. 'To counter this, the department has resolved to reduce these costs by either purchasing or constructing its own buildings and will use available land to achieve this. The aim is to save on the payment of increasing rental costs and other challenges associated with office rentals. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ 'We have also reduced costs related to printing, travel and accommodation, and conferencing.' He added that the department has adopted a phased approach for the rollout of capital ICT projects and procurement including the implementation of Smart Schools that use modern digital technology for the delivery of teaching and learning in all districts. In this regard, 92 Smart Schools have been rolled out to date. He said they were already seeing results when it comes to fleet management. 'To safeguard our fleet from theft and other forms of misuse, the department installed tracking devices on all its vehicles in 2021. This has helped in dealing with the misuse of state vehicles and monitoring the behaviour of users, while at the same time mitigating vehicle theft, thereby reducing costs for replacement.' THE MERCURY
The Citizen
4 hours ago
- The Citizen
US demands spark growing discontent amid tariff negotiations
The US has reportedly set conditions to restore relations. Ministers belonging to the two largest parties, ANC and DA, in the government of national unity (GNU) are said to be growing frustrated as the United States (US) continue to make more demands during ongoing tariff negotiations. South Africa is in talks with Washington in the hope of securing a deal that would see the steep tariff rate imposed by the US reduced. Earlier this month, President Donald Trump's administration introduced a 30% tariff on all South African exports. ALSO READ: US tariffs: Here's why talks over trade deal have been 'complex' Although Trump had initially delayed implementation for 90 days in April to allow for negotiations, the tariffs officially came into effect last week. The trade standoff comes amid broader tensions between the two countries. These include South Africa's case against Israel at the International Court of Justice (ICJ), policies such as broad-based black economic empowerment (B-BBEE) and the Expropriation Act, as well as claims of the persecution of Afrikaners. US makes further demands to SA amid tariff talks In June, Freedom Front Plus (FF Plus) leader Corne Mulder travelled to the US and later returned claiming that the White House officials his party engaged with had set conditions to restore relations. The conditions allegedly set out by US officials included exempting US companies from B-BBEE, allowing land expropriation with compensation, a public condemnation of the 'Kill the Boer' chant and treating farm murders as a priority crime. According to City Press, the US has further requested that South Africa grant visas to 30 Kenyans linked to Resettlement Support Centre Africa (RSC Africa), an organisation that has worked with the North American giant for over two decades to assist prospective refugees. READ MORE: Ramokgopa dismisses claims US tariffs target BEE policy but admits it needs 'tweaking' These individuals would reportedly help facilitate the resettlement of Afrikaners. This latest demand has added to South Africa's frustration, with government reportedly expressing its dissatisfaction informally. Ramaphosa's administration is also displeased with delays in receiving responses to its trade proposals. However, the government has reportedly remained firm in its refusal to get rid of any of its policies. New trade proposal South Africa recently submitted a revised offer to Washington aimed at reducing the 30% tariff. The proposal builds on one put forward in May and specifically addresses issues raised by the US in the 2025 national trade estimates report. Deputy President Paul Mashatile also announced that another delegation will soon be sent to the US to push for better terms. Earlier efforts included a high-profile May visit to the White House led by President Cyril Ramaphosa and joined by Cabinet ministers, Cosatu President Zingiswa Losi, businessman Johann Rupert, and professional golfers Ernie Els and Retief Goosen. Ramaphosa also recently held a phone call with Trump in an attempt to ease tensions. In addition, government has introduced support programmes will help offset the 30% tariff. Thirty-five of South African exports will remain exempt. These include products like copper, pharmaceuticals, semiconductors, critical minerals, stainless steel scrap and energy-related products. NOW READ: Business confidence increases, but will come under pressure from US tariff
The South African
5 hours ago
- The South African
Malema urges Zimbabweans to seek jobs at home
Julius Malema, leader of South Africa's Economic Freedom Fighters (EFF), has urged Zimbabweans to seek employment in their own country rather than competing for jobs in South Africa. Malema made the remarks on Saturday during the Siyabonga rally in Seshego, Polokwane, Limpopo, where the EFF celebrated its by-election victory in July. This marks a shift from his 2022 stance, when he encouraged Zimbabweans to work in South Africa, emphasising that it was their home. Malema stressed that Zimbabweans should pursue jobs in their municipalities instead of taking positions in South Africa. 'We are not saying Zimbabweans should not be given jobs, but they must get jobs from their own municipalities,' Malema said, pointing to Harare and other Zimbabwean cities as places where employment opportunities should be sought. He cited South Africa's youth unemployment rate as alarming and unsustainable. He said this is one reason the EFF prioritises policies directing municipal tenders and other local job opportunities to South African workers. The EFF now prioritises employment for South African citizens, regardless of language skills or connections. Historically, Malema has supported African unity and encouraged Zimbabweans to participate in their national elections. His recent statements signal a more protectionist approach to employment, focusing on South African citizens' rights and opportunities. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
