Africa-Press – South-Africa. A new luxury development, 5 Dock Road, is launching in Cape Town’s V&A Waterfront, and apartments are flying off the shelves.
Cape Town’s Atlantic Seaboard, which stretches from the V&A Waterfront to Hout Bay, is experiencing a luxury property boom.
According to Ross Levin, licensee for Seeff Atlantic Seaboard, much of this boom has been driven by the luxury downsizing trend, which has seen buyers and investors moving to in-demand areas in Cape Town.
As a result, the number of apartments sold for over R20 million rose by around 30% in 2025. The Waterfront led with the most R20 million plus sales, with eight apartments sold as of August 2025.
During this period, Seeff recorded six sales at the Waterfront ranging from R22 million to R40 million. Kim Bendall Bailey and Finella Botes from Seeff Waterfront said there is now a shortage of stock in the area.
Listings are at their lowest point in over a decade, especially below R15 million. As a result, property owners are holding back mainly due to high replacement costs.
Waterfront apartments are selling for over R130,000/m2, especially those on the Front Yacht Basin with unparalleled views, where high-end units reach R20 million to over R40 million.
This high interest has created an excellent opportunity for developers to build more residences in in-demand areas, like the V&A Waterfront. The new 5 Dock Road residential development exemplifies the desirability of luxury property in the area.
Since the building’s sales launch on 6 August, more than 93% of the 5 Dock Road residences have already sold. Currently, only six apartments remain in the V&A Waterfront’s residential development.
Developments at the V&A Waterfront
V&A Waterfront
The V&A Waterfront is a 123-hectare mixed-use property development situated in and around the historic Victoria and Alfred basin, which formed Cape Town’s original harbour.
Its properties include retail, office, fishing, logistics and industrial, hotel and residential, as well as undeveloped bulk.
It is one of Africa’s most visited tourist destinations, attracting over 24 million visitors every year, and generating a revenue of R260 million every month.
The V&A is jointly owned by JSE-listed real estate giant Growthpoint, which has a 50% stake, and the Public Investment Corporation, which owns the other half.
While the V&A Waterfront is already one of the country’s biggest and busiest precincts, its owners are planning a R20 billion expansion for the property’s adjacent Granger Bay precinct.
In December 2024, the property owners requested an increase in permissible development rights from the local council. The proposed 440,000 m2 expansion would allocate two-thirds of the space to Granger Bay.
The historic Granger Bay precinct lies west of the V&A Waterfront. It includes the Oranjezicht City Farm Market, which would move about 200 meters from its current location to make way for the new developments.
In March 2025, the company also announced that Dolce & Gabbana, Louis Vuitton and Gucci are set to anchor a new luxury retail development in the V&A.
The V&A is tripling the size of space available for rent to luxury retailers to almost 4,000 m2 in a dedicated new wing.
The 5 Dock Road residential building, which is set for completion in December 2025, also represents another luxury development in the area.
It is spread over six floors with exclusive penthouses on the top floor, offering 1-, 2-, or 3-bedroom options. Each apartment features spacious layouts, high ceilings, expansive balconies/terraces, and beautiful views.
It also offers engineered oak flooring, stone countertops, advanced security systems, solar backup, double-glazed windows, air conditioning, high-speed internet, and premium appliances.
Tenants can enjoy the heated rooftop pool, a braai area with views of Table Mountain, a well-equipped gym, or relax in the landscaped courtyard. They will also have direct canal access and ground-floor retail.
Set in the V&A Waterfront, residents will be a short walk from the Vic Wharf shopping centre, which hosts over 450 retailers, top eateries, Virgin Active Collection, Padel Courts, running tracks, water activities, to name a few.
The remaining apartments start from R11.5 million for a 106m2 two bedroom mountain and city facing apartment. Prices go up to R54.9 million for a 267m2 three bedroom mountain and Signal Hill facing penthouse.
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