Behind the boom in Joburg’s apartments
The housing market may well have cooled, but Joburg is in the midst of a sectional-title development boom
Apartment living is taking off in Joburg, judging by the crop of luxury residential developments under way across the city or on the drawing board. Sectional-title buyers are spoilt for choice, with at least 2,000 apartments expected to come on stream in two to three years, the bulk of them in Rosebank, Sandton and surrounds. The Leonardo, arguably the poshest and tallest mixed-use building to be constructed in Africa, will add more than 220 apartments to the Sandton market on completion next year. More than 80% of the apartments at the Legacy Group and Nedbank’s 55-storey skyscraper in Maude Street have been sold off-plan, with prices starting at about R4.5m for one-bedroom units. Penthouses have fetched up to R60m apiece. That translates into an average selling price of R45,000-R100,000 per square metre, thought to be a new benchmark for sectional-title prices in Gauteng. A few blocks down the drag, on Rivonia Road in Illovo, another lavish high-rise development will be launched o...
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