For R5,5 million, you could own one of 55 apartments being built above the Cape Quarter Precinct in Green Point.

Keen? Well, let’s take a look at what you’re going to get for that price.

The news comes as JSE-listed Tower Property updates us on what it plans to do with its refurbishing on the building, reports Business Tech.

The development has been in renovation status since Tower acquired the property for R132,4 million:

Tower acquired the commercial properties known as Cape Quarter Piazza, Cape Quarter Square and 32 Napier Street in 2013, which together make up the Cape Quarter Precinct – with the area including 5,403 sqm of developable bulk at Cape Quarter Piazza alone.

Included in the refurbishment is a strategy to make the developments more water and energy efficient:

“Upon completion, the Old Cape Quarter will comprise parking, two floors of retail and office space (the re-developed existing structure) and 55 apartments. The retail offering will be focused towards a unique food market type offering while the offices are expected to be let to strong local and national tenants given the current high demand in the node,” Tower said.

“The apartments will be upmarket residential apartments, with budgeted selling prices in the region of R79,000 per square metre.”

The only problem is that for R5,5 million, you will only get yourself a 1-bedroom apartment. If you want 2-bedrooms, then you’re going to have to drop R6,7 million, while penthouses start at R15,1 million.

Let’s take a look:

Cool.

I suppose you are right next to the best Spar in Cape Town (sorry Vredehoek peeps, it’s true), and everything comes at a price.

[source:businesstech]