The first of six Harbour Arch towers have been completed and the units have gone on sale.
Also read: Harbour Arch R16 billion Mega-development reaches heights in Cape Town
Construction on the R16 billion large-scale, inner-city mixed-use precinct began in February 2020. Once all the towers are complete, the 5.8ha development will feature a total usable space of 200 000 square meters. The project is being built by the property investment and development company Amdec Group.
The Harbour Arch Towers project represents a significant private sector investment into the City, which affects the local economy positively, according to BusinessTech.
James Wilson, Amdec Group CEO, says more than 20 000 jobs are being created during the construction phase, with ‘many more employment opportunities – especially in the tourism, hospitality and retail sectors – upon completion.’
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It is also expected that the 10-year development will stimulate a further R100 million in infrastructure upgrades for the City, which is ‘rapidly densifying’ with a population growth of five million by 2050.
Furthermore, the precinct provides for the efficient use of space through its densification of the urban residential environment without compromising the need for a lifestyle that incorporates green space, retail and hospitality facilities, as well as on-site opportunities for keeping healthy and fit.
‘Confidence in and the desire for property in the Cape Town CBD became clear back in 2017 when the Amdec Group launched the scheme to market,’ says Nicholas Stopforth, managing director of Amdec Property Developments. He says 95% of the 432 apartments released to market were sold within the first year.
‘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.’
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Picture: Harbour Arch