Huge Potential for Clifton Bungalow up for Sale - 08-29-08

August 29 - South African property experts expect that a Clifton bungalow up for sale will be snapped up shortly. And while the going price for this property is R25 million, it is believed that once it has reached its full redevelopment potential, the bungalow will be worth much more than that.

According to Karin Aggouras from Seeff Properties, the Clifton bungalow has many appealing qualities that definitely push its price up further. "The property measures 534 square meters and has wide road frontage," explained Aggouras. "The zoning is B1 which allows for 100% coverage, has a bulk factor of 1,2 and allows for 34 habitable rooms with a height restriction of seven storeys. This zoning also allows for commercial use - so the property could be used for a small boutique hotel, for example."

The house, in its present form, consists of two bedrooms, two bathrooms and other standard amenities, besides a small plunge pool on the deck. Build in 1934, it is one of the last remaining properties up for grabs in Clifton that could be redeveloped.

Property experts strongly suggest that any new buyer should seriously consider developing this Clifton bungalow to its true potential. "There is considerable demand for four bedroom units in Clifton," says Aggouros. "A lot of folk are choosing to make Clifton their primary residence and looking for the security, luxury and convenience associated with same. Currently there are very few apartment buildings that offer this type of accommodation in Clifton, and we believe there is a market for an exclusive two unit type of development."

The other suggestion is for potential buyers to hold on to the property in its present form and resell at a later date, with the guarantee of a much higher profit as property values continue to escalate in this prestigious area.