[Image: Instagram / montreve_seapoint / Berman Brothers Group]
The City of Cape Town is buzzing after the flashy launch of Mont Reve, a mixed-use stunner on Regent Road that raked in over half a billion rand in sales in less than a day. That’s right, R500 million in 24 hours. Safe to say the Atlantic Seaboard property market is still very much alive and flexing.
City officials are all smiles, and why not? The development promises around 130,000 jobs – although, side note: that stat seems to be conveniently echoed from the City’s own infrastructure plans. Either way, it’s a big number and sounds like good news.
Meanwhile, the Sea Point, Fresnaye and Bantry Bay Residents and Ratepayers Association is giving the side-eye, per Cape Argus.
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At the digital sales launch on March 26, a jaw-dropping 89 out of 94 luxury apartments were snapped up immediately. The top unit went for a casual R23.995 million. Small change, right?
The brains behind this glitzy project are the Berman Brothers Group, with Launchbase leading the marketing charge. Together, they’ve crafted a blend of posh living and boutique hotel vibes, a mix made in developer heaven.
And in a stroke of perfect PR timing, the launch landed just before Mayor Geordin Hill-Lewis announced a R39.7 billion infrastructure push aimed at generating more jobs.
“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 City welcomed the job forecast like a long-lost cousin.
“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.
But back in Sea Point, not everyone’s rolling out the red carpet.
“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 residents’ association.
They went on to say that residents have raised concerns about the pressure that new developments place on existing infrastructure, such as an increase in traffic congestion, water leaks, and increased 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 for a response, but were ghosted before the deadline. Perhaps they were busy counting their millions. Launchbase’s Dean Lederle was, however, keen to speak, and he’s not shy about Mont Reve’s economic promise.
“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, he made sure to note.
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But the pushback isn’t only coming from heritage fans. Housing activists are also chiming in, calling out the glaring imbalance.
“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.”
So, while Mont Reve is turning heads and shifting units faster than you can say “ocean views”, the broader conversation isn’t all glitz and granite countertops.
For some Capetonians, this isn’t a dream home, it’s a money sap unfolding one luxury penthouse at a time.
[Source: Cape Argus]
