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BAKOVENS LAST DEVELOPMENT PLOT THE ATLANTIC SEABOARDS BEST KEPT SECRET IS OUT THE BOX
Category Property News
A luxury development comprising high-end designer apartments is currently under construction on the last development plot with uninterrupted ocean views in Bakoven, a hamlet at the tail end of Camps Bay that once housed working and middle class families but now contains some of the richest real estate in South Africa.
Idyllically situated on Bakoven’s border with the pristine Table Mountain National Park, Infinity comprises six luxury designer apartments, all of which boast unsurpassed ocean and mountain views and offer a tranquil respite from the hustle and bustle of the Camps Bay strip, which is a short drive away.
Wim Loubser, spokesperson for the development, says: “Infinity is not only situated on the last available stand in Bakoven, it is also the very last property before the suburb gives way to the national park and farms, so it was essential to us that the development not only optimizes this landmark site but does so in synergy with its spectacular natural environment.”
“Working with the foremost professionals in their fields, we have endeavored to create bespoke one- level designer apartments and duplex penthouses which offer investors an exclusive lifestyle with maximum privacy, views and 24-hour security in one of the most exclusive suburbs in South Africa”.
“The result is wide, light and airy units with unparalleled sea views and top end finishes”
Thelma Sandeman, Area Specialist in Camps Bay and Bakoven for Lew Geffen Sotheby’s International Realty, says:“Discerning Buyers will appreciate the close and innovative attention to detail, top-of-the-range finishes throughout including wide plank solid wood flooring and the graceful flow of the entertainment and living areas.”
“Floor to ceiling sliding doors are double-glazed, heat insulated and sound-proofed, kitchens are fitted with SMEG appliances and custom composite cabinets, eco-friendly gas hobs and finished with natural stone surfaces and the ocean plunge heated whirl pools on each private, wind-protected terrace have rim flow features as well as ambient mood lighting.”
Infinity has also been designed with eco-sustainability in mind and all units feature cutting edge resource-saving systems such as bio-fuel fireplaces and energy saving heat pumps that will contribute significantly to the appreciation of the property value in the long term as well as allow substantial savings in the short term.
Edith Marsh, also an area Specialist Agent in Camps Bay for Lew Geffen Sotheby’s International Realty, says that world-class, upmarket developments like Infinity and its contemporary neighbours are a 180-degree departure from Bakoven’s pre-millennium property landscape.
Traditionally regarded as little more than a sleepy hamlet, the tiny suburb of Bakoven has experienced a dramatic turn-around in recent years and now not only commands the highest rentals in South Africa, but is also setting the bar in terms of sales prices achieved on the Atlantic Seaboard.
Marsh says: “Apartment prices in Bakoven have been on a steep upwards curve for the past three years, with units in the numerous new upmarket developments along Victoria Road now selling for between R12 million and R35m, at R55 000 per/m² to R80 000 per/m²”.
“Last year six units sold in the newly developed Boulder Apartments at an average price of almost R18m a piece, with the two most expensive units fetching R33.6m at R78 209 per/m² and R30m at just under R70 000 per/m².”
Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty says that while key factors such as Bakoven’s location and proximity to popular amenities and the CBD have played a major role in its rejuvenation, a significant driving force has been the suburb’s exclusivity and very limited investment opportunities.
“Because of this, buyers tend to have a ‘finders keepers’ attitude and apartments rarely come onto the market, adding to their allure and value. In fact, since 2013 only 12 apartments have changed hands on this exclusive strip.”
Sandeman predicts that property values are set to spike even further this year as there is no more available land for development.
“Bakoven was traditionally populated exclusively by quaint freehold homes, both above Victoria Road and on the ocean side where the suburb slopes down towards two intimate beaches”.
“However, while the ocean-front bungalows below Victoria Road have always been governed by strict municipal regulations which don’t allow for multiple storeys or dwellings, the houses on the mountainside of the road fell under Camps Bay’s building regulations, offering developers an excellent investment opportunity when demand for beachfront property began to increase.”
The knock-on effect of the introduction of sectional title properties to the area has been a surge in the rental market, which was previously virtually non-existent.
“Long term rental properties very rarely came onto the market and only a few bungalows were available for short term or holiday lets,” says Sandeman, adding that most of the bungalow owners not only live in their properties but tend to stay for many years”.
“According to a recent Lightstone report, 53% of property owners in Bakoven have lived in their homes for at least a decade, with 12% having been in residence for eight to 10 years.”
However, in stark contrast, up to 80% of all apartment sales are to investment buyers.
Geffen says: “Savvy buyers who can afford to buy in Bakoven are not only investing in one of the most stable and lucrative property markets in South Africa, they are also likely to realise substantial short-term returns from a rental income which is way above the inflation rate.”
In spite of Bakoven’s dramatic elevation in status in recent years and its proximity to the vibrant Camps Bay strip it has retained its charming village-like atmosphere, which is one of the suburb’s main drawcards and a significant driving force in the short-term rental market.
Due for completion in the last quarter of 2016 and jointly marketed by Lew Geffen Sotheby’s International Realty, apartments in Infinity range in price from R22.5m plus VAT to R24.5m plus VAT.
Author: Lew Geffen Sotheby's International Realty