“How Wealthy Are You?”: Mzansi Reacts to Property Developer Doubling Value of Cape Town Hotel

• Murray Clark bought an old Green Point guesthouse in 2022 and spent R6 million renovating every single room and common area in the building
• One of his biggest calls was removing the parking area entirely and replacing it with a garden and pool that changed the property’s appeal
• The hotel now earns R2.8 million in net income per year, with the total property value sitting at nearly double what the project cost

A Cape Town property developer bought a run-down guesthouse in Green Point, spent millions fixing it up, and walked away with a building worth double what it cost him.

Murray Clark is the founder and CEO of co-living company Neighbourgood. He shared how he and his team acquired an old guesthouse in Green Point, Cape Town, in 2022 for R18.5 million. They pumped an additional R6 million into a full-scale renovation of every bedroom and every common area. Today, the property is valued at R36 million, and it generates a net income of R2.8 million every year.

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Seeing what others missed

Green Point is one of Cape Town’s most sought-after neighbourhoods. The area sits close to the V&A Waterfront and De Waal Park. It draws locals and international visitors year-round. Clark said the location was the first thing that caught his eye. According to him, the position of the building was exceptional, and the team recognised its value before the market caught up.

But buying the property was only the beginning. A renovation budget was spent on what guests would actually experience. Every room was redone, and every shared space was transformed. One of the bigger decisions was removing the parking area at the back of the property entirely. In its place, the team built a garden and a pool area.

The numbers that made people pay attention

Clark shared the details of the deal in a TikTok video posted on 4 March 2026 under his handle @murrayclark. He said that the building now produces a net yield on cost of close to 12%. At an 8% capitalisation rate, the value created between what the project cost and what the property is worth today is an additional R10 million.

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Murray Clark has spent over 15 years building companies across construction, property development, and private equity. His company, Neighbourgood, operates co-living and workspace developments across the Cape Town CBD.

Watch the TikTok clip below:

Mzansi react to the development

South Africans rushed to the comments section of Clark's post to share their different reactions.

@tiniaso commented:

“Rich people are rich peopling and locals can't afford housing.”

@Zip Zap Phoenix said:

“🙄People with lots of money are making more money. I wonder how this got on my page.”

@BATI 🇿🇦 asked:

“How wealthy are you?😳”

@kylie wrote:

“ It must be nice having money😭. How did you accumulate this amount of money to spend on the property?”

@🎞️ picassobaby said:

I know who can redevelop my country. I need someone like you in the office, sir.”

More articles about Cape Town properties

• A Cape Town woman shared her reaction to a R6.5 million Sea Point apartment, drawing attention for its unusual layout.
• A video capturing a woman's reaction to a R3.2 million apartment in Sea Point, Cape Town, has ignited debate over South Africa's housing affordability crisis.
• A luxury apartment listing in Cape Town’s historic Bo-Kaap area triggered widespread discussion after its multimillion-rand price circulated online.

Source: Briefly News