Construction of the new R255-million 11-storey Palm Royale sectional title apartment block in the Oasis Luxury Retirement Resort at Century City, in Cape Town, was under way, property group Rabie announced on Friday.
Rabie acquired a 50% stake in the Oasis joint venture in August last year.
Palm Royale was the third phase of the Oasis development and followed construction of a clubhouse, care centre and the first two blocks of apartments – Palm Grove and Palm Spring.
Only one of the 174 apartments in these blocks remained unsold with sales to date exceeding R330-million.
Two- and three-bedroom units in the Palm Royale development were selling for between R2.5-million and R8-million, with total sales, to date, for this phase exceeding R100-million, said Rabie director Colin Green.
Meanwhile, the primary building contract for the 58 luxury apartments had been awarded to construction group WBHO and was scheduled for completion at the end of April 2014.
The bulk earthworks, as well as construction of a 4 m berm on Ratanga road, was awarded to Baseline Civils and completed in mid-December, while civil engineer Esorfranki moved on-site late last year to undertake a R1.6-million piling contract, which was due for completion at the end of this month.
Palm Royale would be linked undercover to the clubhouse, the facilities of which were also to be extended in terms of the current construction contract.
In addition, the Oasis Care Centre offered hotel-style assisted living apartments and frail care.