New Cape Town luxury development achieves R1.25 billion in sales in one week
The Madison, Tricolt Group’s 23-storey residential development at 142 Bree Street in Cape Town, recorded more than R1.25 billion in off-plan sales during its launch last week.
According to Tricolt, this is the highest launch sales value ever achieved by a residential development in South Africa.
Ahead of the public launch, 96 apartments were secured through Tricolt and KGP Luxury Realty’s investor, friend and family networks.
A further 176 apartments were reserved in less than an hour during the public launch, bringing the total to 272 of the development’s 378 units.
The Madison was brought to market by Tricolt Group, with KGP Luxury Realty facilitating sales and Launchbase providing off-plan marketing.
By the close of launch day, reservations representing 74% of the development’s total sales value had been secured, subject to conversion into bankable sales.
The company said securing enough reservations to meet the pre-sales threshold in a single launch day is believed to be unprecedented for a South African residential development of this scale.
Tricolt Group Sales and Marketing Director, Jessica Cabanita, said the result reflected the company’s brand and a coordinated strategy that began before the public launch.
Cabanita explained that, from the moment the development was introduced, The Madison resonated strongly with the market.
“Tricolt’s track record gave buyers the confidence to act early, with 96 apartments sold through our database ahead of the official launch,” she said.
“That response created significant momentum before the Launchbase campaign and platform were activated.”
Launchbase co-founder Dean Lederle explained that the speed and scale of the response show the importance of building buyer confidence well before launch.
“By combining targeted digital engagement with a seamless sales process, we were able to convert significant early interest into an outstanding result,” he said.
Behind the development
Tricolt Group CEO Tim Kloeck said that from the outset, they knew they had an opportunity to create something special, not just another residential building.
“We wanted The Madison to feel distinctly Cape Town and to make a positive contribution to Bree Street and the surrounding neighbourhood.”
“The response has surpassed our expectations, and we’re genuinely grateful for the confidence buyers have placed in us.”
Designed by Tricolt’s in-house team, led by Aram Lello, The Madison includes suites, apartments and penthouses aimed at both owner-occupiers and investors.
Amenities will include a sixth-floor clubhouse and swimming pool, Gold’s Gym, landscaped leisure areas, wellness facilities, coworking spaces, concierge services, and street-level cafés, restaurants and retail.
Tricolt Group, KGP Luxury Realty and Launchbase each pledged R1,000 for every apartment secured during the public launch.
With 176 apartments secured, the initiative has raised R528,000 for Cape Town charities. The beneficiaries will be announced in the coming weeks.
Launchbase co-founder Brad Morgan explained that it was important for the group that the development has a positive impact on the community.
“Property developments should create opportunities that have a positive impact on the communities around them, not simply leave a physical legacy. We’re proud that this launch will do exactly that.”
The Madison is Tricolt Group’s latest project in Cape Town, following its expansion from Johannesburg, where it has developments such as One Rosebank and Olympus Sandton.
The company said 72% of the development’s apartments were secured during the launch period. South African buyers accounted for 80% of launch sales.
According to Morgan, achieving a sales result of this magnitude requires more than a compelling marketing campaign.
“It reflects close alignment between the developer, sales team and launch strategy, supported by a product that buyers genuinely believe in.
Morgan added that The Madison demonstrates exactly what can be achieved when all of these elements come together.
Photos of The Madison
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