Latest news with #LanceCohen
Time Out
01-08-2025
- Business
- Time Out
Clifton's iconic ‘Pentagon' villa just sold for a record-breaking R157.5 million
In a sale that has sent jaws dropping across the continent, The Pentagon - a striking five-bedroom villa perched high on Nettleton Road in Clifton, Cape Town - has just changed hands for a whopping R157,550,000. The buyer? A South African, proving once again that the appetite for ultra-luxury property on local soil is alive and well. The property, long admired and often envied, has lingered on the market for several years, previously listed at R160 million. But this week, Cape Town's premium property circles were abuzz when Lance Cohen of Lance Real Estate finally sealed the deal. It's the highest residential sale recorded in South Africa so far this year - a fitting headline for a home as spectacular as this one. Nicknamed The Pentagon, this five-level masterpiece is the epitome of architectural drama and ocean-facing opulence. Designed by none other than Stefan Antoni, one of South Africa's most recognisable award-winning architectural names, the home boasts panoramic views from every floor, thanks to its bold tiered design. Let's talk features. A 16-metre heated infinity pool spills out toward the Atlantic Ocean, creating the illusion of floating in midair. There's also a private cinema room, glass elevator, state-of-the-art gym, home office, and steam room - not to mention staff quarters, a powerful 80kVA generator, and a bespoke Italian kitchen by Assirelli. Quick-fire facts about this record-setting villa: Size: 940m2 Bedrooms: 5 (all en-suite) Bathrooms: 6.5 Parking: 8 bays (including four garages) View: Every single floor offers front-row seats to Clifton's world-famous coastline. Even for the famously extravagant Nettleton Road - often dubbed the 'billionaire's row' of Cape Town - this sale is something special. It sets a new benchmark not just for the Atlantic Seaboard, but for ultra-high-net-worth property deals across Africa. This suburb is renowned for its expensive sea-facing real estate, beach bungalows, and high property values. As the rest of us stare at our screens in awe, one thing's for sure: Clifton just got a little more exclusive.
IOL News
30-07-2025
- Business
- IOL News
LOOK: Inside the R157 million record-breaking sale on Cape Town's elite Nettleton Road
The design of the home allows for the abundance of natural light which is amplified by way of the double-volume entertainment area. Image: Supplied / Lance Real Estate Nettleton Road in Clifton in Cape Town is regarded as the country's most exclusive street, and now a luxury house there has just been sold for a whopping R157 500. Number 5 Nettleton Road is an architectural masterpiece boasting breathtaking views of the Atlantic Ocean and the iconic Twelve Apostles. This luxurious property features its own cinema, gym, and elevator, along with five en-suite bedrooms, each offering sweeping views and a private balcony. There are parking bays for five cars as well as two self-contained staff quarters. The home is also temperature-controlled throughout - ideal for those balmy days or when the south-easter howls across the peninsula. A vast deck with a rim flow pool add to the splendour of the designer home. Image: Supplied / Lance Real Estate "In a nutshell, it is the most expensive house sold this year in South Africa, but I cannot divulge the South African buyer's name," said Lance Cohen, owner of Lance Real Estate. Known as the Pentagon, this home was designed by world-renowned architect Stefan Antoni, who lives next door, Cohen shared. 'It has been on the market for a while with an asking price of R160 million, and was quite a process, with two prospective buyers," he said. Each of the five bedrooms are en-suite and have uninterrupted views of the ocean. Image: Supplied / Lance Real Estate "Boasting lavish interiors throughout the home along with a double volume entertainment area that merges effortlessly with the mountain and garden, which leads onto a large terrace with a rim flow pool overlooking Clifton," he said. Nestled between the forested foothills of Lion's Head and Clifton Beach below, the home also offers a tranquil back garden. Cohen added that Nettleton Road has seen a few significant recent sales, with three vacant plots fetching a total of R170 million. Cohen believes that interest in this area, along with the broader Atlantic Seaboard, is likely to remain buoyant, with inquiries from both foreign and local buyers. "Cape Town is much in favour with the world right now across various publications, but when you look at London and Paris, Barcelona and parts of Europe, they're looking a lot more unsafe," he said. "A few weeks ago, the most expensive apartment was sold (on the Atlantic Seaboard), and basically it is saying that the market is reaching new highs, demand has never been higher in Cape Town, rentals are off the charts, everyone wants to come here," he said. Cohen said the shortage of residential property stock will inevitably keep prices elevated, as more people decide to invest in the city or relocate there.
The Citizen
22-06-2025
- Business
- The Citizen
Record breaking Clifton apartment: Here is how much it sold for — report
Cape Town continues to be a haven for high-end property as international investors seek beauty and stability. The lifestyles of the rich and the famous have no better setting than the opulent streets of Clifton. To rubber stamp the suburb's position as the premier location for wealthy property owners, a record-breaking purchase was been sealed. Cape Town's property market continues to thrive, with industry experts attributing the city's appeal to its overall 'value proposition'. Luxury Clifton home A five-bedroom apartment along Clifton's 1st Beach has reportedly just been purchased for a whopping R145 million. The property is furnished with the highest quality finishings and offers the mesmeric views of the ocean that are synonymous with the Atlantic Seaboard. Lance Cohen of Lance Real Estate secured the deal, revealing that the buyer was a former South African living in Monaco. Cohen told the Sunday Times that the sale represented the 'record for the highest price paid for an apartment sold in South Africa,' claiming the previous record was R120 million. The average asking price of homes currently on the market in Clifton range between R30 million and R60 million, making this sale an eye-catching purchase. Other properties currently being marketed by Cohen include a six-bedroom house in Fresnaye for R75 million and R95 million four-bedroom house also located in Fresnaye. Cohen could break his Clifton record again if a five-bedroom house currently for sale sells for its asking price of R160 million. Cape Town very attractive While the sale may represent the highest paid for an apartment, South Africa's most expensive home was reportedly sold for roughly R700 million in 2023. Known as Casablanca, an eight bedroom and 13-bathroom Camps Bay colossus is believed to have fetched a cool US$35 million. The Residential Property Price Index released by Stats SA earlier in June shows Cape Town over 10 index points higher than Johannesburg. For first time property sales and resold properties, Cape Town is ahead of Johannesburg by almost 15 and 13 index points, respectively. Cape Chamber of Commerce and Industry CEO John Lawson credits this to the Mother City's overall functionality. 'The gaping disparity mirrors a similar trend in municipal infrastructure development and service delivery, with property investors favouring Cape Town's value proposition,' stated Lawson. NOW READ: 8 tips for investing in South African commercial property
