Investec's real estate arm divided the 8ha into 33 stands of each between 1,000m² and 1,200m², all of which were snapped up for between R5m and R5,5m apiece before the new development was launched.
That translates into a price of between R4,000/m² and R4,500/m². It's believed to be a new record for Gauteng land values.
Investec Property development trading and acquisitions head Robin Magid says vacant land in other big-ticket suburbs of Johannesburg, such as Hyde Park and Sandhurst, typically sell for between R3,000/m² and R3,500/m²
Clearly, the deal was a major coup for Investec Property, as the developer has sold the land for effectively double the price it paid for it. Plenty of others have, over the years, tried to get their hands on a piece of Inanda's undeveloped land, given the club's prime location on the doorstep of the Sandton and Rosebank.
Buyers will take transfer of stands in the new gated enclave at the end of the year and will have six months to start construction. Magid expects the value of completed homes to be between R12m and R14m. Investec Property is redeveloping Inanda's clubhouse and equestrian facilities for R65m.
Other wealthy suburbs of Johannesburg are also testing new price highs.
A penthouse apartment in the swanky Regent building in Morningside was on the market last month for a staggering R60m. That is the highest asking price ever for a sectional title property in Gauteng and translates into a hefty R102,564/m². In 2011, a custom-built apartment of 1,238m², including garaging for eight cars, was sold off plan at The Houghton for R54m.
However, that is still some way off the R110m fetched for a luxury penthouse at the Cape Town Waterfront One&Only by Seeff in 2008.
Waterfall Equestrian Estate, north of Johannesburg and near Kyalami, still boasts what is believed to be SA's priciest property - a palatial, three-level home valued at R130m that was completed last year. The 3,500m² house stretches over four stands totalling 3,6ha.
But the estate may soon be toppled as SA's most expensive address when Douw Steyn completes his new home, reportedly being constructed at a cost of between R150m and R200m at the insurance tycoon's Steyn City, a new mixed-use lifestyle development next to Dainfern golf estate in Johannesburg's Fourways.
Source: Financial Mail via I-Net Bridge
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