Reports indicate that the ambitious mixed-use project known as The Fynbos, located at 142 Bree Street in Cape Town, has been cancelled, leaving investors and future residents in a state of uncertainty.
Announcing the change to investors on May 13, 2025, the original developer, Lurra Capital, highlighted the challenges posed by evolving market conditions and strategic realignment as the main contributors to the decision.
As part of the transition, new developer Tricolt will be taking the reins to redefine the project. Tricolt, known for its luxury developments, such as The Olympus in Sandton, aims to breathe new life into The Fynbos, which was heralded as a pioneering green initiative in Africa, as reported by linkedin.
Purchasers affected by this cancellation have been assured that all previous sales agreements are rendered null and void, with refunds of their deposits including interest on the way. Demonstrating a commitment to stakeholders, Tricolt has also pledged to cover the first year’s levies for investors willing to re-engage with the new plans.
As it stands, details surrounding the updated layouts and pricing remain under wraps. The new designs are anticipated to come with a higher price tag, with the reassessment currently in the planning stage. No confirmed floor plans, specifications, or amenities are available yet, although insights are expected within the next four to six months, linkedin reported.
Highlighting the significant groundwork already undertaken, the basement excavation and lateral support have been completed, suggesting a foundation that the new developers can build upon. The project’s website has been taken down, marking a clear departure from the original vision.
For many, the cancellation of The Fynbos is a considerable loss. The project was initially designed to bring a unique blend of luxury and sustainability to Cape Town’s urban fabric, featuring 689 apartments across 24 floors. It boasted various types of residential units, including luxury studios starting from R999 000 and two-bedroom apartments priced at R4 920 000, alongside enticing amenities such as a lap pool, a co-working space, and an organic vegetable market.
Tricolt’s experience and reputation in the luxury housing sector offer a glimmer of hope for future investors eager to see this iconic project’s revival and evolution. Their substantial presence in Johannesburg, coupled with their commitment to quality, suggests that The Fynbos site will be in capable hands.
The new development remains contingent on securing final approvals from the city and the appointment of contractors, with construction anticipated to recommence next year.
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