Described as “opulent” with “limitless luxury”, there’s not one, but three new developments in town engineered by Dubai tycoon Ahsan Hassan Darvesh – at a total value of R1,5 billion.

The most prominent is the redevelopment of the iconic Ambassador Hotel in Victoria Road, Bantry Bay, transforming it into eight luxury “presidential penthouses” overlooking the ocean – one per floor.

The R900 million AURUM development will also include 15 apartments being developed across the road.

Accroding to Fin24, the prices range from R25 million for mountain side apartments right up to R130 million for those facing the sea, with sizes ranging from 125m² to 800m².

Although only expected to be developed by winter 2018, based on floor plans and a computer-generated rendering alone, “an apartment in AURUM has already been sold for as much as R130 million”. Casual.

And darling Darvesh expects to make around R750 million in total:

Da’Realty has only been present in SA for the past three years. Founding president Ahsan Darvesh fell in love with the beauty of Cape Town while studying for his MBA in the city. He was staying at the then Ambassador Hotel, saw it was for sale and decided to open a South African division of the Darvesh family’s global property development company.

Demolishing a portion of the building to turn it into “an art form”, as Da’Realty, an investment subsidiary of DARVESH explains, the development is called AURUM because, well:

“Aurum is a Latin word meaning ‘shining dawn’, while Au is the symbol for gold. Taken together, it is a name that instantly conveys the scintillating beauty of this location, along with the rich opulence of the residences themselves,” the group said.

Oh dear.

Da’Realty has made a “promise to deliver a true stroke of brilliance” and has also guaranteed to “redefine the concept of Lifestyle Artistry in South Africa”. I can’t.

At its core, the property offers investors the opportunity of a rare investment and unique experience: one of high living and high returns:

There will be two sides to AURUM – literally.

The oceanside of Victoria Road will see the original Ambassador Hotel transformed into the AURUM PRESIDENTIAL RESIDENCES, while the AURUM LUXURY RESIDENCES will occupy an elevated position on the opposite mountainside.

Here are those artist impressions that are clearly working – as well as a video:

Below is an example of the Luxury Residences:

And here is a floor plan of the Presidential Residence:

And, of course, some impressions of the building itself:

I mean, cool, but I don’t see anything that South Africa hasn’t seen before.

And the second and third development?

Well, the company’s most recent Cape Town purchase is the Adelphi Centre in Main Road, Sea Point:

Da’Realty is re-developing it into a luxury shopping centre to be renamed Artem and with a value of R200m. Artem is expected to be completed by February 2018.

Then, there’s this:

Da’Realty is also developing luxury residential “hanging garden” villas in Clifton – called Azalea – with a total value of R400m. Azalea is not on the market yet and prices will be announced when it is launched. It is expected to be completed by the end of 2020.

Oh dear. Does this mean Cape Town is turning into a mini Dubai?

[source:darealty&businesstech&fin24]