R200m boutique development on the cards for Cape Town’s Green Point

A new R200 million residential development is set to commence construction soon in Green Point, one of Cape Town’s affluent suburbs on the Atlantic Seaboard.

The Braemar, an upmarket 51-key boutique development, is the latest project by Mason Developments.

“Named after the street it calls home, The Braemar is a smart investment in prime luxury real estate and has everything you as an astute buyer need to lease out or live in,,” says Alistair Capon, co-founder of Mason Developments.

“It’s the dream Cape Town lifestyle of comfort, adventure, peace, elegance and convenience.”

The project is set to be completed in the fourth quarter of 2024.

Mason Developments is already responsible for developments like The Glengariff in Sea Point, The Belair and The Bradwell in Vredehoek, as well as high-end housing estates like Olde Cork Farm, Brounger Walk and Bannerman Close Estate in Constantia.

According to the developers, what sets The Braemar apart from other developments is its unique, aesthetically pleasing minimalist Italian design.

“Our latest development will host a combination of one- and two-bedroom apartments as well as two- and three-bedroom duplex penthouses,” says Capon.

“Residents can expect to enjoy 24-hour security, characterised by smart access controls in the form of cutting-edge facial recognition biometrics as well as a round-the-clock concierge service. The development will also include common area amenities like a ground floor residents’ pool and a lobby, with barista station and co-working facilities,” he adds.

The Braemar will officially be launched to the market on Wednesday, 15 March 2023 at 1pm.

Gauging interest

One of the development’s key drawcards is its location. The building is located one road away from Green Point Main Road, meaning convenient access to key points like Woolworths-anchored Portside Shopping Centre as well as local restaurants and cafés in the neighbourhood. The development is also a stone’s throw away from the V&A Waterfront.

The developers say the project has already garnered significant interest from potential buyers ahead of the launch.

Dean Lederle, co-founder of LaunchBase – the property development marketing agency working with Mason Developments on the project – told Moneyweb that they are currently seeing significant interest in units at the top end of the spectrum.

“We started marketing the development about two weeks ago, which has given us time to gauge market interest. During this period, we’ve seen a high volume of enquiries, interaction on the price list, and people are adding units to their shortlists ahead of the sales launch,” he says.

“Interestingly, the most sought-after apartments are our duplex penthouses and every single day there are people shortlisting and enquiring about those apartments,” adds Lederle.

The agency says it has also seen significant potential buyer interest in the short-term ‘rental friendly’ one-bedroom units.

Value-driven

According to LaunchBase, a key focus for the project is to return value to residents and investors.

One-bedroom units at The Braemar – ranging from 37m² to 51m² – are priced between R2.12 million and R3.22 million.

Two-bedroom units – sized between 67m² and 100m² – can be secured from R3.57 million to R5.57 million.

Those buyers looking to take up a duplex penthouse, which will be on the fourth and fifth floor of the building, can expect to pay between R6.62 million and R8.32 million per unit.

Included in the price of the units are secure parking bays, valued at R250 000 each, with two-bedroom units and penthouses allocated two parking bays.

The development offers a combination of ownership structures for those buyers looking to generate an income from their properties. Owners can either opt to rent the property to a long-term tenant or put the unit up for lucrative short-term rentals.

According to LaunchBase, the short-term lease option has the potential to yield up to 15% in returns, while longer subletting can yield slightly lower returns at up to 8%.

“We have one preferred supplier for this development who will manage all the short-term rentals. So it’s run pretty similar to an Airbnb-type model, where people can check in and check out through the concierge and they will take care of all things involved in the management of the apartment for owners,” Lederle says.

Customisation to individual needs

Clients who secure apartments at The Braemar can upgrade and customise their units to align with their needs and lifestyle by selecting from a list of optional extras.

Amenities like electric vehicle charging stations, air conditioning and storerooms can be added to their purchase when securing their preferred unit.

Additionally, although The Braemar is equipped with backup power to keep the building functional during periods of power cuts, owners can also add a backup power solution to their apartment when making the purchase so that it is fully integrated into the unit.

This added extra will provide individual units with power in times of load shedding as The Braemar’s building-wide backup energy solution only powers essential communal services such as lighting and the lifts.

Backup power solutions can cost owners of the one- to two-bedroom apartments an additional R120 000, while those for the duplex penthouses come at an additional R190 000.

Opting for an electrical vehicle station will add another R75 000 to each buyer’s unit price tag.

“It’s the dream lifestyle of comfort, elegance and convenience – with acknowledgement of the current reality and a nod to the future,” says Lederle.

For more information, visit the The Braemar website here.

Brought to you by Mason Developments.

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