July 21, 2012

Luxury services and great tax incentives make Taj Cape Town residences a winning prospect

Cape Town has just added yet another accolade to its collection of awards, having been cited by CNN as one of the 10 most loved cities in the world. In 2011, TripAdvisor recognised Cape Town as a Top Destination in the World, at its Travellers Choice Awards. National Geographic gave it the number two slot on its Top 10 Beach Cities list and has shortlisted it as one of its places of a lifetime. Small wonder then that Taj Cape Town, member of the prestigious Leading Hotels of the World organisation, has sold its first two private residences, one to a Dutch buyer and one to a Limpopo businessman, who is himself in the hospitality industry.

“These owners have got themselves some pretty unique real estate,” explains Taj Cape Town general manager, Michael Pownall. “Of the 400-plus members of Leading Hotels of the World, there are probably only around five that offer residences for sale. Taj Cape Town residences are unique in terms of the luxury lifestyle they offer. There is a huge difference between having a residence in Taj Cape Town and having one in a regular high-end sectional title scheme or apartment development.”

Andrew Boraine, former chief executive of the Cape Town partnership, says of living in the heart of Cape Town, “In Cape Town central city, you can hear the whispers and cries of history from the streets, buildings and public spaces. You encounter people from all over Cape Town and all over the world. You feel part of a special place, squeezed between a towering flat mountain and the sea.”

The Limpopo buyer says he had been interested in buying a property in Cape Town for many years, but was unable to find one that met his requirements. So what made him buy a residence in the Taj? “First of all, position. Having a residence in the Taj means you are well located in close proximity to the vibey restaurant, bar and entertainment area of Cape Town. One of our major concerns had always been to find a good luxury property within a safe and secure environment that was capable of offering a high standard of service, maintenance and security, without having to worry about the safety of our personal belongings or furniture left unattended for some months. The valet parking service is a pleasure, as is having an apartment fully furnished to the top standards of the Taj group," he says.

He further added, “Having been a hotelier myself for over 50 years, I understand and appreciate the difficulties of managing and running a quality hotel property. The quality of staff at the Taj, quality of the service and food, as well as of the furnishings, décor and ambience – is all truly exceptional.”

Besides the above mentioned  amenities, as a local resident, the purchaser will be able to make use of the Urban Development Zone (UDZ) tax concessions for a period of 11 years, a rebate which will allow him a saving of more than 50 percent. He states, “There are very few opportunities of this nature available in South Africa. This all indicates our extreme satisfaction with our investment and we can only recommend to anyone out there who may consider buying one of the few properties available that they should consider the option sooner rather than later. I am aware that the UDZ option will not be available indefinitely, possibly only for another few years.”

There are 10 more Taj residences left for purchase now, ranging in price from R2.995 million to R7 million, from studio apartments to one and two bedroom apartments. They range in size from 80-136 square metre, and all feature sit-out balconies, many of which have a stunning view of Table Mountain. Says Pownall, “These residences offer premium living at its best, in the heart of historic Cape Town. Compared to the prices you would pay at the waterfront or the price of a lock up and go in Bantry Bay and the like, I think the pricing of our residences is extremely competitive. Each residence offers privileged access to the hotel’s world-class spa, gymnasium, in-room dining, fine-dining restaurants, professional services and diverse leisure, business amenities and services. I would invite serious potential buyers to stay at the Taj for a night, to experience the difference that we offer."

“The UDZ tax incentive is the cherry on top. For example, if a person or a business buys a residence, they will effectively receive a 40-50 percent rebate on their purchase price, having had many years' use of a luxury hotel facility for themselves and their business guests. It is a winning package. A residence in the Taj Cape Town is expected to increase tremendously in value and be a growing asset for any purchaser over their ownership term.

“This is an offering that appeals across a wide spectrum. Central Cape Town is not only captivating, it is cool. Any teen or young student would love their parents to own an apartment at the Taj Cape Town, while for older people who are semi or fully retired, it offers a hassle-free property with little maintenance work required. With all our hotel services on offer, it is pampered apartment living, which can also be used by their kids and grandkids. It can become a much used and loved family heirloom."

“The Dutch owner bought his residence in December 2011, and shortly after he was able to rent it out for 10 nights at R8000 a night. We can also offer residence owners such a letting service if they wish for that additional return on investment.”

These spacious and luxurious serviced quarters are ideal for the frequent Cape Town traveller, local executive or for someone new to the city wishing to invest in something unique.

Taj Cape Town is a part of Taj Hotels Resorts and Palaces, one of Asia's largest and finest hotel companies. Taj is a subsidiary of the Tata group, which also owns, amongst other luxury brands, Jaguar and Land Rover.