Mirage luxury development nears completion near Cape Town CBD
Category Property News
After a decade in development, the luxurious new development Mirage will change the De Waterkant cityscape when it is completed later this year.
The R400-million development by the Nova Group and marketed by DG Properties, consists of 66 apartments, two levels of retail space and a 63-room, five-star hotel which will be independently owned and managed by a European hotel group. The apartments, of which 88% have already been sold by DG, range in size from one to three bedrooms and are priced between R1.8-million and R8.9-million.
The Mirage's penthouse was sold for R27-million. DG Properties said while buyers were predominantly South African they came from all corners of the world including the African continent, Europe and the United States. DG described the Mirage as "a unique development due to its appeal and position - it covers a full city block. As available land is limited, developers are forced to look for opportunities that involve the demolition of older buildings.
However, responsible development is important as we need to be cognisant of what is being removed to make way for the modern." Architect Kevin Gadd is responsible for the Mirage's textured luxury finishes which incorporate wood, concrete, glass and steel to create a building which fits effortlessly into the vista between Table Mountain and the Atlantic Ocean. "There is a clear distinction between the shopping areas, the apartments and the hotel areas, which all have their own lift systems to ensure optimal security," DG said.
Apartment owners have the choice of allowing the hotel to manage the rental of their apartments; however the two entities are entirely separate. Several levels of basement parking have been excavated. DG said new developments represented a great barometer of the real estate industry. "The value of property is often determined by the cost of construction, which is in direct proportion to the cost of labour, fuel and materials.
As South Africans encounter the rising cost of electricity, they are drawn towards living in homes which are better designed and have improved space usage. We spend an extensive amount of time getting this right for our clients and believe that for its superb height, position in the CBD and quality finishes, the Mirage offers extremely good value." The Mirage is expected to be completed in November.
Author: Business Day
