Cape Town development gets R1 billion in sales with no building

A development on trendy Bree Street in Cape Town’s city centre has seemingly achieved the impossible.

Recent reports reveal sectional titles in the development sold out in less than 24 hours.

The kicker?

These sales topped R1 billion, but construction is yet to start.

Units Reserved in this Cape Town Development

Cape Town sellers benefitted from the 12.6% increase in property inflation in the first quarter of 2026.

Now, it appears, developers are cashing in.

According to reporting by the Mail and Guardian, The Madison on 142 Bree Street set a record in residential property sales.

The development achieved the largest “single-day residential property launch” in South Africa, at an event attended by the Mail and Guardian.

Of the R1.7 billion in development value, R1.22 billion was reserved within a few hours.

Before launching, 96 flats had been reserved by investors from Tricolt Group, the developer, and KGP Luxury Realty’s investor network.

A further 176 units were secured once public sales opened on 29 July.

By the end of the day, 72% of the development’s residential units had sold.

Among the 28% that hadn’t been sold on launch day were four penthouses.

Construction is scheduled to start in the first half of 2027 and is expected to conclude in 2029.

How Much Buyers Paid on Launch Day

According to Cape Town Magazine, the development was offering buyers a R100 000 discount on units secured on launch day.

But buyers wouldn’t part with much cash upfront.

Instead, they commit to the future purchase with a fee.

The fee to reserve a unit? A refundable fee of R20 000.

A press release published on Money Web suggests the Tricolt Group were using capital gains to attract launch-day buyers.

In these materials, the developer highlights the estimated 10% in capital gains offered by the City Centre.

Yet, according to Property24, the average property price in the city centre is up 5%.

The average sectional title price as of this year is R2 million, up from R1.96 million in 2025.

In neighbouring De Waterkant, property prices are up 20%.

But they’re down 9% in Gardens and have stagnated in Zonnebloem.

Celebrating the Launch

In an Instagram post celebrating the launch, LaunchBase — the platform used for the live launch — praised the success.

However, one curious commenter queries the “huge hole in the ground” with no signs of development.

Images from Google Maps taken in May 2024 show the site, under its previous name “The Fynbos.”

The images show bulldozers clearing the ground.

Not much progress has been made since the Tricolt Group took over from the previous developers, Lurra Capital, in 2025.

Lurra Capital chose to step away from the project at that time.

According to Business Tech, the previous developer didn’t go through with the project due to “shifting market conditions and a change in strategic direction.”