I worked on a £ 12 000 000, 500 m² penthouse in London, so this is about 4 times cheaper per m². Hell, I've seen higher prices per m² in Umhlanga. SA housing is Cheap; this is closer to high end international pricing. I was looking at the back of some estate agents catalogue, and saw three R 1 000 000 000 houses advertised.
Edit: Just as an aside, prices climb quickly when you move from standard "upmarket" finishes to truly spectacular finishes - last time I was there, Marmernova (sp) had a 2 x 3 m piece of marble (or granite, I don't know) for R 100 000. Doors can cost R 1 000 installed for upmarket stuff, but I can easily obtain some at R 20 000. Ceramic tiles shouldn't cost more than R 150/m, but you'll probably pay R 500/m for good porcelain and well over R 1000/m for marble or granite.