Cape Town's Mont Reve development generates R500 million in sales within 24 hours

The City of Cape Town has welcomed a property boost to Sea Point, which saw the launch of Mont Reve, a new mixed-use development that generated over R500 million in sales within 24 hours. 

Situated along Regent Road, the development is estimated to provide 130 000 jobs. 

This, while the residents' association said the development could exacerbate existing traffic congestion and infrastructure challenges.

At the online sales launch held on March 26, 94 apartments were released, with 89 sold on day one.

The highest-priced unit sold for R23.995 million. 

The project is developed by the Berman Brothers Group, and is exclusively marketed through Launchbase.

Mont Reve combines luxury residential units and a boutique hotel. 

The development’s marketing team said 82% of the buyers were South African.

“Mont Reve launched just days ahead of Mayor Geordin Hill-Lewis’s announcement of a R39.7 billion  infrastructure investment over the next three years, which aims to create close to 130 000+ construction-related jobs," they said in a statement.

The employment boost has been welcomed by the City.

“For noting, 130 000 jobs are estimated to flow from the City's own infrastructure investments over three years. Investing in reliable infrastructure in turn enables development in a growing city and all the related economic benefits,” the City of Cape Town stated.

The Sea Point, Fresnaye and Bantry Bay Residents and Ratepayers Association told the Cape Argus they were unhappy with the development and that of many others, as it was an infringement on infrastructure and properties with historical significance.

“New property developments in Sea Point have significantly impacted residents, namely in the short-term while building is taking place and in the long-term leading to concerns about gentrification, displacement, and infrastructure strain,” said the association.

“Residents have raised concerns about the pressure that new developments place on existing infrastructure such as increase in traffic congestion, water leaks, and increase demand on an already strained sewage system.

“The demolition of historic buildings to make way for new developments has alarmed residents who value Sea Point’s architectural heritage.

"Overall, while new developments in Sea Point contribute to economic growth, they also pose significant challenges for existing residents, particularly concerning affordability, infrastructure, and community identity.”

The Cape Argus reached out to the Berman Brothers Group for comment but a response was not received when the deadline was reached.

Dean Lederle, co-founder of Launchbase, said the development would become an economic boost for Sea Point.

“Through our collaboration with the Berman Brothers Group, we’re gaining deep insight into what drives demand in the luxury segment.

“By applying those insights through our tech stack, we’re helping developers respond faster, unlock value sooner, and ultimately support the City’s economic goals.

“Located at 89 Regent Road, Mont Reve features 94 luxury apartments, a boutique hotel, ground-floor retail, and direct access to Cape Town’s Atlantic Seaboard lifestyle.”

Housing activist group Ndifuna Ukwazi while the private sector moves quickly to meet the needs of wealthy buyers, the urgent need for affordable housing continues to be ignored.

"Creating jobs, reactivating underused spaces, and building new developments can all be positive - if they include everyone. But too often, they don’t. And Mont Reve is a clear example of that."

Cape Argus