Cape Town penthouse sells for record R15.9m
Buyers from South Africa and abroad are showing interest in a newly completed development in one of the Mother City’s most established suburbs.
How much would you pay for a view across the well-treed suburb of Newlands in Cape Town to the surrounding mountains?
Buyers from the UK paid a record R15.9m for a three-bedroom, 242m² penthouse that they intend to use as a home during their visits to South Africa.
According to Samantha Nel, Pam Golding Properties Western Cape area manager, the sale, at the newly built Marlow on Mill development, sets a new record for a penthouse in an apartment block in the city’s southern suburbs, surpassing the previous record of R12.65m.
The sale comes as demand continues for premium apartments that offer a combination of security, convenience, parking and access to lifestyle amenities.
Marlow on Mill is the first major new residential development in Newlands in several years, with 281 apartments. The development is close to the Sports Science Institute, Newlands’ sports stadiums and a range of schools, shopping and dining destinations. Apartments also offer views towards Table Mountain.
The development’s contemporary design, low-maintenance requirements and location close to all amenities and major routes are among its key selling points.
Shelly Keys, also an area manager for Pam Golding Properties Western Cape, said that around R350m in sales have been concluded at the development so far, with investors making up the largest group of buyers. Many are purchasing apartments with the intention of generating rental income through either long-term or short-term letting.
Leisure buyers make up another significant portion of purchasers. These buyers plan to use their apartments as holiday homes while generating additional income from short-term rentals when they are not in Cape Town.
Buyers have come from across the Western Cape and other parts of South Africa, while international interest has mainly come from the UK, the United States and Germany.
With limited opportunities for new residential developments in sought-after areas such as Newlands, premium apartments are attracting buyers who see them as both a lifestyle purchase and a potential investment. If R15.9m seems a lot for an apartment, a five-bedroom apartment along Clifton’s 1st Beach reportedly sold for R145m in 2025.
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