When one hears the term ‘penthouse’ one envisions uninterrupted views, city skylines and a sea of lights below you every evening. Investing in a penthouse may initially seem cost prohibitive, but there are many exciting benefits to owning a penthouse that make this type of property worth every cent that you invest.
Mike Greeff, CEO of Greeff Christie’s International Real Estate, says penthouses are an excellent investment for a number of reasons, the most crucial being that there are a limited number of units available at any given time, and if one does become available, it is usually snapped up very quickly.
Penthouses deliver excellent return on investment and almost always achieve their listed price, he says. "Owners of penthouses fall into a select category of individuals that command exclusive views of the city, as well as having the luxury of having just the sky above them and the world at their feet.”
Location, location, location - penthouses occupy prime real estate and offer buyers a lofty perch from which to enjoy the city, says Greeff. Owing to their elevated positioning, penthouses offer unsurpassed views. Being on the top floor of a building also means higher than average ceilings, larger windows and more natural light.
The layout of penthouses are also quite different to their lower neighbours, with fewer load-bearing walls making for a more bespoke internal layout, he notes. Penthouse owners have been known to add jacuzzis, gyms, infinity pools, terraces, yoga studios and roof gardens in their attempts to custom retrofit their homes.
The added advantage of occupying top spot is that it also creates the opportunity, within the rules of the body corporate and city bylaws, of expanding upward should you wish to in future, says Greeff.
Penthouse living features exceptional levels of peace and quiet as the elevation usually dulls and sometimes mutes out the noise of the city below. The serenity of the property makes it an instant hit with those seeking their very own sanctuary of silence. These apartments are also known for heightened privacy with no sound intrusion or curious peering from neighbours. Not having neighbours also negates the issue of shared internal and balcony walls.
For those naysayers that bring up extended waiting times at the elevator or lack of sufficient parking, the reply would be that most penthouse apartments allow for express lift use to the penthouse level with the additional security of a keycard to gain access to the floor.
Waiting and ride time only really turn into a slight inconvenience of around 90 to 120 seconds if your penthouse is higher than 30 floors up, says Greeff. Parking is also accomplished with most apartment blocks having dedicated parking bays as well as electronic tags to control access. Basement parking paired with a speedy elevator service result in a fairly effortless transition from the rat race to an abode far from the madding crowd.
Astute investors will always look at the numbers and consider the potential return on investment before buying. An encouraging point to note is that on average, penthouses are less affected by market volatility and sell for more than non-penthouse apartments, he adds. Another pertinent fact is that penthouse apartments also appeal to a very elite buyer pool which means that issues of price and disposable income are not usually determining factors.
Buying a penthouse apartment not only affords you a variety of perks, but also provides a sound investment destination that is guaranteed to leave you well-above the rest, says Greeff.
With 28 units across four levels, 8 Molteno in Claremont Upper, Cape Town, comprises one and two bedroom and bathroom units from R1.55 million. Only one top-floor unit of 8 Molteno, with a spectacular mountain view, is available at R3.75 million including VAT and no transfer duty. Greeff says 8 Molteno offers the perfect blend, with options for the first-time buyer and savvy investor, and is expected to be completed by July 2021.
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