Green Light for R14 Billion Harbour Arch in CPT
30 January 2020
Amdec Group received approval from Municipal Planning Tribunal meeting to develop its ambitious R14 billion Harbour Arch mixed-use precinct in Cape Town.
The City of Cape Town has officially approved the Harbour Arch mixed-use development after years of delay. The parcel of foreshore land, spanning 5.3 hectares, was previously owned by Transnet but has since been bought by Amdec for its R14-billion mixed-use development.
It will compete with the V&A Waterfront for residential tenants. The waterfront, valued at nearly R20 billion, is SA’s most-valued commercial asset. With 198 000m2 of usable space and six individual towers, the site will also be home to two new hotels, to be operated by Marriott International, long-standing partners of the Amdec Group.
James Wilson, CEO of the Amdec Group, said: “This is a big day for Cape Town and a big day for the Amdec Group. We are overjoyed with the City of Cape Town’s decision to support Harbour Arch, and we do not doubt that this project holds tremendous promise for the Mother City. The Harbour Arch will create jobs opportunities, boost investor confidence both locally and abroad, bolster our city’s economy and benefit the Western Cape province as a whole.”
Within the context of the burgeoning Cape Town CBD, Harbour Arch occupies a strategic position at the convergence of major access roads, with easy entry points to and from the N1 and N2 highways.
It represents a massive private sector investment into the city, estimated to create at least 13,000 construction jobs. Its credentials are further strengthened by the involvement of a reputable and committed developer.
Taking a bet on an economic recovery in SA over the next few years, Amdec, which developed Melrose Arch in Johannesburg, is trying to repeat its success in Cape Town with the development.
Original article compiled by SA Commercial Prop News