While many parts of South Africa are struggling economically, the Western Cape remains a region of choice, and continues to attract investment. This is made 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.
One such project is the Harbour Arch development on Cape Town’s Foreshore. The recently completed first tower of this mega-development is already transforming the city’s skyline, reinvigorating an underutilised area of the city, and transforming it into an iconic new gateway to the CBD.
Construction at Harbour Arch began in February 2020 – just two months before the outbreak of the Covid-19 pandemic. Despite the inevitable challenges, Tower 1 has been completed on time and within budget, and is currently in the process of being handed over to residents and tenants.
The completed precinct will comprise six towers spanning 200 000 sqm of usable space accommodating commercial offices and corporate headquarters; an urban park and shopping galleria at street level; an 8th floor open-air piazza lined with restaurants, coffee shops and cocktails bars; 2 Marriott-branded hotels, with conferencing facilities; a flagship health and fitness club, and the largest selection of residential apartment in the CBD.
“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. According to Nicholas Stopforth, Managing Director of Amdec Property Developments, 95% of the 432 apartments released to the market initially were sold within the first year.
Harbour Arch’s desirability is driven by a number of factors. According to Stopforth, "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.”
This R16 billion development by the Amdec Group represents a significant private sector investment into the city, and is likely to have a positive effect on the local economy. 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 projected population growth set to reach 5 million by 2050.
Most importantly, 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.”
The successes relating to the finalisation of Tower 1 bode well for the further construction of the remaining five Harbour Arch Towers.
