Update on mega R20 billion development coming to one of the Western Cape’s millionaire harbours
Environmental impact assessment (EIA) firm Infinity Environmental has published the pre-application draft report for the massive R20 billion V&A Waterfront expansion.
The plan, put forward by V&A Waterfront Holdings, calls for the reclamation of approximately 3.2 hectares of land from the sea in Table Bay.
The report noted that this would be protected by a permanent rock revetment and two breakwaters, one extending 90 metres into the bay and the other 140 metres, connected by a 540-metre structure.
These structures would create a three-hectare sheltered bay designed for boating, kayaking, and swimming.
The bay would also feature a public coastal walkway, slipway, fixed quayside, landscaped promenade, tidal pools, pedestrian paths, and open recreational spaces.
Construction of the revetment and breakwaters is expected to take around three years, with the overall development unfolding in phases over as much as 20 years.
On land, the proposal includes a mixed-use district within 100 metres of the high-water mark, incorporating residential apartments, hotels, serviced apartments, leisure facilities, and commercial spaces.
According to the proposal, no major upgrades to external roads will be needed, and services such as water, electricity, wastewater management, and waste removal will be accommodated within existing infrastructure capacity.
The project’s additional 440,000 sqm of development space has already received funding approval from the Waterfront’s joint shareholders, Growthpoint Properties and the Public Investment Corporation (PIC).
Infinity Environmental’s draft report marked the first stage in the EIA process. It identifies environmental concerns that will be assessed in greater detail and outlines the studies, consultations, and assessments to come.
Public participation is a key part of this stage, with a 30-day comment period that began on 31 July and ends on 1 September.
Once feedback is gathered, the report will be submitted to the relevant authority for approval before the EIA process begins.
Because the plan involves land reclamation from the sea, ministerial and parliamentary approval under the Integrated Coastal Management Act is required.
Millionaire hotspot and massive money maker
An application for this pre-approval has already been submitted to the national Minister of Forestry, Fisheries, and the Environment, and its consideration will run in parallel with the EIA process.
Established on the site of the oldest working harbour in the Southern Hemisphere, the Waterfront has grown into one of Africa’s most visited destinations and a leading global waterfront precinct.
It attracts over 25 million visitors annually and has approximately 13 hotels, 450 retail outlets, 80 restaurants, and a wide range of leisure activities.
The area is also a major driver of Cape Town’s tourism economy. In December 2024, it drew over 3 million visitors and achieved record retail sales of almost R1.4 billion.
The Waterfront is also a hotspot for luxury property, drawing wealthy local and international buyers.
Basil Moraitis, Pam Golding Properties’ regional head in the Western Cape, noted that the Atlantic Seaboard property market has been exceptionally strong, with high demand and limited supply.
“Such is the demand that there is hardly any stock available to purchase in the V&A Waterfront,” he said.
“In fact, nothing has sold in this market over the past three months due to the lack of available residential property for sale. Prime real estate in the precinct can range from R15 million to R75 million.”
The area’s scarcity of available property, coupled with its popularity, makes it a significant revenue generator.
Growthpoint has reported that the Waterfront delivers over R140 million in profit each month, boosted in recent times by strong tourism recovery.
The planned expansion promises to add significant residential, leisure, and commercial capacity, which could further cement the V&A Waterfront’s position as one of South Africa’s most valuable and high-profile real estate assets.
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