It will cost you R250,000 to buy a parking spot at Cape Town’s new tallest building

Property developer FWJK has launched early-bird sales 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 sales officially launched on 21 January 2020, with prices for an entry-level 20 square metre studio apartment starting at R899,000 including VAT (excluding transfer fees), extending to R1.57 million for a 41 square metre apartment.

According to FWJK, the development will be sold in phases, with the first phase representing the Pick n Pay and general retail component together with eight floors of parking and 557 apartments over 10 floors.

“Only once the entire Phase 1 apartments have been sold, will we then commence with the sales of Phase 2 comprising of 635 apartments over a further 14 residential levels and then the final Phase 3 on the same basis which comprises 121 apartments over 10 levels topping out at 44 storeys which will be the tallest building in Cape Town once all phases are complete,” it said.

Following the early-bird sales, general public sales are expected to be opened up and handled by Sotheby’s.

Parking

Parking is a big issue in the Mother City, and FWJK said that its apartments are sold without a parking bay – which are limited, and come at an extra cost.

Normal parking bays (2.5 metres wide) will set buyers back R250,000 per bay, with even more limited ‘oversized’ bays (2.8 metres wide) available for R265,000 per bay.

There are also joint Tandem bays which can be purchased for an additional R125,000 per bay, while motorbike parking bays come at a cost of R40,000 per bay.

As expected, buyers will need to own an apartment in the building to qualify for the purchase of a parking space.

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 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.”

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