“It is an unusual price point for Johannesburg but it is probably the most beautiful penthouse that exists in Sandton. I’ve seen many of them but never anything like this,” Wayne Venter, an estate agent at Pam Golding Properties told CNBC Africa on Monday
Venter said that the apartment is located in the Regent Building in Sandton and it was initially two separate penthouses that they have now constructed into one apartment. The property is approximately 585 square meters, therefore, making it almost 103 000 rand per square meter.
The penthouse comprises of four bedrooms with balconies, six bathrooms, a wine cellar, home cinema, a heated pool, seven garages as well as many other features.
“The finish on this unit is unlike anything else that I’ve ever seen before,” said Venter.
From an investment point of view however, he stated that it is unlikely to see a return on the property and that it is a purely buy-to-live piece.
“You’ll never get the rental to actually warrant hanging on to the unit as an investment,” exclaimed Venter.
He predicted that the buyer of the property will most likely be non-South African but as it is a new listing that is still in its early stages, it’s difficult to determine exactly the type of buyers that would be interested.
“There’s probably a five to ten per cent chance that the buyer will be South African,” said Venter.
The property has been listed on the Pam Golding Properties website as well as on the United Kingdom property site, Savills. The price tag of the unit has already been stirring up the interest of television shows as well as the Wall Street Journal.