DURBAN - Cape Town's CCID (Central City Improvement District) has released their annual year in review report which details the numbers behind the growth of Cape Town's CBD.
The report shows that there are 48 developments that were in the pipeline in the CBD in 2017. Of the 48 developments, 13 of them opened their doors during 2017 and 15 are under construction. Another 4 are in the planning phase while 16 of them have been proposed.
The developments altogether represent a total investment of about R23.9 billion, conservatively speaking.
Carola Koblitz, the CCID Communications Manager spoke about how the property value of the CBD would be affected by these new developments.
Koblitz said "The City’s last official valuation (conducted in 2014/15) being R30628 billion, the additional value of the developments reflected in the 2017 report and all of which are due to begin construction by 2020, will push the overall valuation of property in the Central City to close to double within the next five to ten years".
According to Koblitz, these new developments will be residential, commercial, retail, hotels and government buildings.
Here is a closer look at some of the developments:
1. The Foreshore development
An artists impression of the Foreshore Freeway Precinct Photo: Facebook
This development will have tower blocks that have different heights. The heights range from 63 metres, 123 metres and 143 metres and the towers will have views of the mountain, harbour and sea.
2. Cullinan Square
Cullinan Square Photo: Facebook
Cullinan Square will be a mixed-use development and will be the tallest building in Cape Town according to RAS Architects.
The building will have a hotel, sky lounge, spa and observation deck.
3. The Vogue
The Vogue Photo: Facebook
The Vogue is also a mixed-use development that will offer a range of apartments. The ground floor the building will have restaurants and other retail activities.
4. The Modern
The Modern Photo: Facebook
This R1,5 billion development will have 24 luxury apartments, 5-star hotel that will have 230 rooms and retail space. The development is expected to be completed in the next three years.
5. 35 Lower Long Street
35 Lower Long Street Photo: Facebook
This development is expected to have 24 storeys. The building will have an approximate value of R500 million and is expected to be completed by 2020.
- BUSINESS REPORT ONLINE