Property developer FWJK is taking reservation orders for apartments in its new Zero-2-One Tower – set to become the tallest building in Cape Town.
In an emailed statement, the developer said that it will officially launch sales in the second half of January 2020, with prices for an apartment starting at R899,000 including VAT (excluding transfer fees).
The Zero-2-One Tower is set to be the tallest building in the Mother City at 44 storeys high. The state of the art building will include retail offerings at ground level and 550 luxury apartments.
The building is topped off with a viewing deck and promises to provide some of the most astounding 360-degree views in Cape Town.
FWJK said that the building is ‘lifted’ off the ground in order to create safe, open and protected walkways at grade which allows access at various points along the building edge for pedestrians, thereby activating the building and the urban streetscape.
The Zero-2-One Tower first made headlines in 2016, when plans to construct the R1.3 billion city centre project on the corner of Adderley and Strand Streets in Cape Town were unveiled, led by developers FWJK.
During the course of the planning for the tower, the project was hit by several delays, mostly related to the approval processes of the City of Cape Town, which included stipulations that new developments include ‘affordable housing’ – an incredibly difficult task in a city with some of the highest house and apartment prices in the country.
More recently, on the tail of the worst quarterly economic data in a decade, it was speculated that the project had been cancelled due to a lack of funding.
Speaking to BusinessTech in June, FWJK CEO, David Williams-Jones acknowledged that procuring funds locally proved difficult because of the economic downturn – however, he said the development was able to secure funding through foreign direct investment.
“The procurement of project funding has faced headwinds and has had to be secured through foreign direct investment,” he said.
“Raising property development finance of R1 billion to undertake the project through conventional SA banking sources has proved impossible due to the current state of the economy and cautious bank appetite at the present time to lend on projects of this scale.”