Big step for new R16 billion mega-development in Cape Town

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27-06-2023
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Business Tech
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Amdec Group, the developer of the R16 billion mixed-use Harbour Arch precinct in Cape Town, has completed its first tower in the project and handed over the first units to buyers.

The finalisation of Tower 1 is a significant step in the precinct development and sets a solid foundation for the remaining five Harbour Arch Towers.

Work on the second tower will commence soon, the group said.

Many parts of South Africa are struggling economically, but the Western Cape remains resilient and continues to attract investment.

This is evident by the number of people semigrating from other parts of the country and the number of large-scale construction projects in progress across the province. 

Construction at Harbour Arch began in February 2020 – a few months before the Covid-19 pandemic set in. Despite the inevitable challenges, Tower 1 has been completed on time and within budget and is currently being handed over to residents and tenants, said Amdec Group.
 

The development is built on a 5.8-hectare site, with 200,000 square metres of usable space, featuring six individual towers.

The completed precinct will include the following:

Commercial offices and corporate headquarters;
An urban park and shopping galleria at the street level;
An 8th-floor open-air piazza lined with restaurants, coffee shops and cocktails bars;
2 Marriott-branded hotels with conferencing facilities; and
A flagship health and fitness club and the CBD’s largest selection of residential apartments.

“Confidence in – and desire for – property in the Cape Town CBD became clear back in 2017 when the Amdec Group launched the scheme to market,” said Managing Director of Amdec Property Developments, Nicholas Stopforth.

According to Stopforth, 95% of the 432 apartments released to the market were sold within the first year, adding that several factors drive Harbour Arch’s desirability.

“The market is looking for a particular type of urban lifestyle, epitomised by the global trend of New Urban design – where residents can live, work, play, relax, and stay in a safe, convenient, sustainable and community-focused environment,” he said.  

The R16 billion development by the Amdec Group represents a significant private sector investment into the city and is likely to affect the local economy positively. 

According to the Amdec Group CEO, James Wilson, “More than 20,000 jobs are being created during the construction phase alone, with many more employment opportunities – especially in the tourism, hospitality and retail sectors – upon completion.” 

The 10-year project will also stimulate a further R100 million in infrastructure upgrades for a rapidly densifying city with a projected population growth of five million by 2050.

Most importantly, the Group added, is that the precinct provides for the efficient use of space through its densification of the urban residential environment without compromising on the need for a lifestyle that incorporates green space, retail and hospitality facilities, and on-site opportunities for keeping healthy and fit.”