South Africa’s growing collection of high-end penthouses ranks among the most desirable globally, with buyers prepared to pay a premium for their views, location, exclusivity, privacy, and status.
Whether it is the spectacular sight over the Atlantic Seaboard and out towards Robben Island, endless views over the warm Indian Ocean in Umhlanga, or the spectacular cityscapes of Sandton, demand for these penthouses is growing.
Penthouse homes all over the world are highly sought-after by wealthy buyers, including celebrities like Marilyn Monroe and Taylor Swift.
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Ross Levin, licensee for Seeff Atlantic Seaboard and City Bowl, says the reasons for their popularity mainly include the views and exclusivity as a result of direct lift access, luxury interiors, and often concierge and valet services. It is also about status and convenience
The most expensive penthouses in the world have all sold for over US$100m (close to R2bn). These include:
- Odeon Tower Penthouse in Monaco (US$440m)
- Penthouse D in One Hyde Park in London (US$237m)
- the Ritz-Carlton Penthouse in New York (US$118m)
- Woolworth Tower Residence in New York (US$110m)
- House No 1 in The Peak in Hong Kong (US$102m)
- CitySpire Penthouse in New York (US$100m).
Levin says penthouses continue to achieve the highest prices on average for apartments, and often even higher prices than houses. This is usually due to their rarity as there is normally only one penthouse in a building, and it is always on the top one to two floors with unobstructed 360-degree views.
“They are usually quite spacious, anything up to 600 square metres to 1,000 square metres with superior finishes, en suite bedrooms, luxury at the touch of a button, and often fronted or surrounded by terraces, sometimes with a private pool. They also often come with five-star amenities including access to a gymnasium, direct lift access, and so on.”
In South Africa, the most exclusive penthouses are located on Cape Town’s Atlantic Seaboard and in Sandton. Depending on the location, Cape Town penthouses command a price premium of around 40 percent to 50 percent compared to other apartments. He says prices are now in the R55m (around US$3m) to R250m (US$13m) range.
The most exclusive penthouses in Cape Town include the three One&Only penthouses at the Waterfront. Seeff sold two of these for record prices of R110m and R55.5m (shell scheme, R85m completed value) a few years ago. Penthouses at the Waterfront Marina have achieved top prices of R55m to R65m, and current listings range from R45m to R55m, says Finella Botes, an agent with Seeff Waterfront.
Parergon penthouse, Cape Town’s Waterfront Marina – R47,995m.
Clifton is arguably the top location these days with penthouses overlooking Moses Beach, such as Eventide, ranging upwards of R120m, says Adrian Mauerberger, a luxury sectional title agent with Seeff. Penthouses in Bantry Bay and Sea Point are also increasingly in demand. The most exclusive are The Bantry, Aurum, and The President, all of which are in Bantry Bay. Other popular penthouses include St Johns Estate and La Camargue, both in Sea Point, and The Fresnaye, in Fresnaye. Prices range from R30m.
Lawhill penthouse, Cape Town’s Waterfront Marina – R56,35m.
In the Sandton area, Charles Vining, managing director for Seeff Sandton, says Waterfall City penthouse reportedly sold for R75m this year. While the most exclusive penthouses include the Michelangelo and Da Vinci, the stock of exclusive penthouses is growing. Prices can range from R80m to upwards of R250m. The Michelangelo Towers penthouse sold in 2014 for R43m and listed in 2018 for R50m. The Regent in Morningside was also sold in 2016 for R31m, and again on the market in 2018 for R60m.
In KwaZulu-Natal, there are only a few penthouses in Umhlanga, and the price premium compared to other apartments is anything between 45 percent to 50 percent for an exclusive penthouse, says Anni Eisele, licensee from Seeff Umhlanga.
The Pearls of Umhlanga penthouse – R39,5m.
The most in-demand include the Oysters which sold off-plan for R13m and resold around two years later at R29m. Now refurbished, it is valued at R35m. The Pearls of Umhlanga penthouse sold in 2021 for R50m which is the highest penthouse price achieved in Durban/Umhlanga.
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