Old Cape Quarter Development Achieves Record Sales

The second-highest price recorded for residential property in the De Waterkant area has been achieved for the currently under construction apartments at Old Cape Quarter, an exciting new luxury mixed used development in the desirable De Waterkant Old Town.

Located at the popular Cape Quarter Precinct in De Waterkant, when completed Old Cape Quarter (previously known as Cape Quarter Piazza) will consist of 55 elegant apartments – all of which take advantage of the site’s prime location. The development, which is expected to be complete by February 2021, is made up of 22 one bedroom and 31 two bedroom apartments, as well as two exceptional penthouse suites, each featuring three bedrooms, a private swimming pool and roof-top garden. Old Cape Quarter also consists of 1590m2 of commercial space and 3510m2 of retail space.

“Framed by Dixon, Waterkant and Hudson Street, Old Cape Quarter will cradle the existing retail and commercial floors of the Piazza, adding an additional four residential floors,” explains Marc Edwards, CEO of Tower Property Fund, who are the owners of the building.
“Although we only broke ground on the development in June, several units at Old Cape Quarter have already been sold, with record sales for the area indicating the quality and desirability of this development,” says Edwards, who explains that investors have secured the two very exclusive penthouses for over R45 million – the second-highest price achieved for residential real estate in the area.

“The Old Cape Quarter Precinct will take the historical De Waterkant area to the next level. Apartments and penthouses within the recently completed 32 Napier Street development, also in De Waterkant, have already shown marked favourable growth for buyers and we anticipate no less for Old Cape Quarter,” says Karen Muller of Leapfrog Property Group, sales agents for Old Cape Quarter. “We expect sales to remain robust for Old Cape Quarter.”

Old Cape Quarter forms part of the trendy and vibrant De Waterkant Village, with its European influence, cobbled streets and sidewalk cafe’s, and is also part of the Cape Quarter Precinct. The Cape Quarter is a landmark development in De Waterkant, and one which continues to evolve, taking shape into one of the most iconic and desirable mixed used centres in the City drawing both local and overseas visitors alike.