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R250 000 for parking bays in Cape Town's tallest building

Recently property developer FWJK launched the first early-bird sales for apartments in its new Zero-2-One Tower - which is all set to become the tallest building in Cape Town. 

According to a statement on Business Tech, the developer revealed that the prices for an entry-level 20 square-meter studio apartment will start at R899,000 including VAT (excluding transfer fees), extending to R1.57 million for a 41 square metre apartment.

Eight floors of parking will come up for sale in the first phase, along with 557 apartments over 10 floors and general retail component.

“Only once the entire Phase 1 apartments have been sold, will we then commence with the sales of Phase 2 comprising of 635 apartments over a further 14 residential levels and then the final Phase 3 on the same basis which comprises 121 apartments over 10 levels topping out at 44 storeys which will be the tallest building in Cape Town once all phases are complete,” it said.

What the park?

It is a well-known fact that parking in Cape Town is hard to come by - as evidenced by the parking bay that was on sale for R1.25 million in Clifton last year - and in the Zero-2-One Tower these coveted spots will sell for R250,000 per bay (2.5 meters wide), with even more limited ‘oversized’ bays (2.8 metres wide) available for R265,000 per bay.

There are also joint Tandem bays which can be purchased for an additional R125,000 per bay, while motorbike parking bays come at a cost of R40,000 per bay.

As expected, buyers will need to own an apartment in the building to qualify for the purchase of a parking space.

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