Abland, which has historically mostly built offices and shopping centres has ramped up construction on The Rubik, a high-end mixed use development, located in the CBD of Cape Town.
Abland and its investment partner, Giflo have invested more than R500m into The Rubik, which will contain luxury apartments geared at young professionals.
Abland’s marketing director Grant Silverman said sales on the project are very healthy.
This is the third high-rise development that Abland has created in Cape Town. Abland has appreciated the strong interest from tenants in mixed-use properties across SA’s major cities. Silverman said young professionals were attracted to The Rubik because it has a lock up and go aspect and is located near amenities such as shops, offices, banks and courts. It also offers generous views of Lion’s Head and Table Mountain.
Designed by DHK Architects, once completed it will contain eight floors of pet-friendly apartments, sitting above 17 floors of mixed retail and office space. Residents will also have access to a private rooftop terrace with a pool and entertainment areas.
The building is a conversion from a building which had previously only offered three storeys of retail space. It would offer its sectional title apartment owners a choice between 46 one-bedroom, one bathroom units, 24 two-bedroom, two-bathroom units, and nine two – and – three-bedroom duplex and triplex penthouse units. The most affordable one-bedroom costs R2.18m while the top-end 249m2 penthouse located on the 25th floor, costs R16.35m.
Sales are being managed by Dogon Group. According to data by Lightstone, sectional title accounted for than 40% of newly developed properties over the past three decades. This is as younger buyers and immigrants to our business districts enter the residential property market.
Alistair Anderson