Global property investment company Da’Realty is set to transform the Bantry Bay residential coastline.
On the site of the former Ambassador Hotel, new apartments in The Aurum development have price tags of up to R115m apiece.
Plans were approved in April for the landmark property to be developed into eight presidential residences, each occupying its own floor with private lift access. The building on the mountain side of Victoria Road will also be transformed into 15 luxurious apartments, capped by a four-bedroom 530m² penthouse.
Ahsan Hassan Darvesh, president of the 107-year-old, family-owned Darvesh organisation, bought the hotel after a lengthy stay when he realised the potential of the spectacular cliff-face site above the Atlantic Ocean.
Lily Eskandari, chief operating officer, Da’Realty, and an interior architect, said construction was scheduled to start in June. Occupation is set for September 2017. Da’Realty has appointed Fabian Architects, engineering and construction group Murray & Roberts, and luxury home specialist Metle to maximise the potential of this exclusive address. The apartments will include Armani Dada kitchens, dressing room fixtures and fittings by Molteni&C, Gessi sanitary ware, sound and visual systems by Bang & Olufsen and designer appliances by Gaggenau.
“Aurum will redefine the concept of limited-edition living in SA,” says Basil Moraitis, area manager, Pam Golding Properties Atlantic Seaboard. It has an exclusive agency sales mandate, and 60% of development sales are already secured. Darvesh says Aurum will be followed by a development in Clifton, with a goal of one niche boutique project being rolled out annually in SA. Andrew Golding, CEO, Pam Golding Property group
This article originally appeared in Neighbourhood, Sunday Times.
