A vacant plot in Cape Town's Clifton area has been sold for R11.25-million — believed to be the highest price per square metre ever paid for undeveloped property in South Africa.

The 449 square metre erf, realised more than R25 000 per square, Lew Geffen Sotheby's International Realty, Atlantic Seaboard, MD Rob Stefanutto confirmed on Monday.

The stand is situated on Clifton's famous second beach.

"As one of the very last areas of undeveloped land in this most desirable location in the country, the sale generated significant interest from potential buyers both locally and internationally," he said.

Went to a foreign investor

While the plot was ultimately bought by an American investor, former South African Formula One world champion Jody Schekter, among others, was believed to have made an offer.

The record price achieved for the stand followed the sale earlier in the year by Lew Geffen Sotheby's of a Clifton apartment for R34-million, believed to be the most expensive of its kind in South Africa, Stefanutto added.

All the properties in the area are wooden bungalows — many of which were originally constructed after World War One as fishermen's cottages or for returning servicemen.

Any new development must conform to the regulations imposed by the Clifton bungalow owners' association.

Sapa