R15.9 Million Newlands Penthouse Sale Sets New Southern Suburbs Apartment Record
R15.9 Million Newlands Penthouse Sale Sets New Southern Suburbs Apartment Record. A penthouse at The Marlow on Mill in Newlands, Cape Town, has sold for R15.9 million through Pam Golding Properties, setting a new record for an apartment sale in the Southern Suburbs.
The property was purchased by buyers from the United Kingdom who intend to use the penthouse during visits to South Africa.
Samantha Nel, area manager at Pam Golding Properties Western Cape, said the transaction represents a record price for a penthouse in an apartment block in the Southern Suburbs.
The previous apartment record in the area was R12.65 million, paid for a similar apartment at Newlands Peak when the development launched in 2020.
Andrew Golding, chief executive of the Pam Golding Property group, said the latest transaction reflected demand for sectional-title properties in well-located areas of Cape Town.
According to Golding, The Marlow on Mill offers buyers access to a location close to schools, shopping destinations and lifestyle attractions, while also providing access to the city and surrounding natural areas.
The development comprises 281 units and is located near the Sports Science Institute and Newlands’ sports stadiums. Apartments will have views of Table Mountain.
Shelly Keys, an area manager at Pam Golding Properties Western Cape, said the development’s appeal includes its contemporary design, finishes and low-maintenance living.
The location also provides access to shopping and dining facilities, commercial centres, schools, universities, medical facilities and major transport routes including the M3 and M5.
Pam Golding Properties said sales totalling close to R350 million have been concluded at The Marlow on Mill so far.
According to Keys, most buyers have purchased units as investments, with the intention of generating either short-term or long-term rental income. Leisure buyers make up the second-largest group, purchasing properties for use as holiday homes and potentially letting them for short periods when they are not in residence.
Buyers to date include residents of the Western Cape and other South African provinces, while international interest has mainly come from the United States, United Kingdom and Germany.
Pam Golding Properties said approximately 70% of recent buyers are middle-aged or mature, with retirees and younger adults accounting for the remainder.
Nel said demand for both long-term and short-term rentals was supporting interest in the development.
The R15.9 million transaction establishes a new benchmark for apartment sales in Cape Town’s Southern Suburbs, surpassing the previous R12.65 million record set at Newlands Peak in 2020.
