Bad news for R1.2 billion development in Cape Town

The Fynbos development in Cape Town’s central business district has been cancelled and handed over to new developers.

The R1.2 billion 24-story apartment building on Bree Street was positioned to be the first biophilic building in Africa. 

Once completed, The Fynbos would have featured 689 apartments along with a host of luxury amenities, such as a lap pool, rooftop sunset terrace, rooftop fitness centre, plant-based restaurant, and a botanical bar. 

One of its most significant features was its 1,200-square-metre vertical garden, made up of indigenous trees and plants, intended to create a living, breathing facade in the CBD.

The apartments ranged from compact studios priced from R1.1 million to one-bedroom units reaching nearly R2 million, and two-bedroom apartments at R4.29 million. 

The development had garnered widespread interest from both local buyers and international investors, including expats.

However, it was reported that in May 2025, buyers were informed that the development would not go ahead as initially planned. 

The developer, Lurra Capital, cited shifting market conditions and a change in strategic direction as the primary reasons for pulling the plug. 

The project has now been handed over to Tricolt, a seasoned property developer based in Johannesburg, which plans to reimagine the development from the ground up.

The new project is in its early planning stages. All previously signed sales agreements have been cancelled, and purchasers will receive full refunds of their deposits, including interest.

Those who choose to re-invest in the new scheme will be offered an incentive in the form of the first year’s levies covered, a gesture of goodwill by the new developers.

However, there are no confirmed unit layouts, pricing details, or finalised design elements for the revised project. 

According to the developers, updated plans and specifications are expected to be released within the next four to six months. 

While the basement excavation and lateral support work have already been completed, construction on the new version is expected to resume sometime next year, pending municipal approvals and the appointment of contractors.

New developer has a strong track record

The uncertainty surrounding the redesign has prompted some early investors and platforms to withdraw. 

EasyProperties, which had been marketing The Fynbos to clients, has opted to step away for the time being. 

In a statement, the company’s directors expressed concern over the lack of clarity regarding the new layout, pricing, and design. They noted that replicating the original vision at the same price point appears unlikely. 

In the interest of protecting shareholder value, they have decided to request refunds for investors and reassess the opportunity once more concrete information becomes available.

“Rather than remain committed to an undefined outcome which may not be favourable to our shareholders, it is more prudent to request a refund,” it said. 

However, they added that they would reassess the opportunity once the developers release all the information.

EasyProperties noted that while off-plan property remains a powerful avenue for wealth creation in real estate, experiences like this highlight the importance of safeguarding and prioritising investor interests.

Despite the disappointment around The Fynbos, there is cautious optimism that the new developer can deliver a high-quality alternative. 

Tricolt has a strong track record. Since its inception in 2010, the company has completed over 5,000 residences with a total end value of more than R16 billion. 

It currently has around R5 billion in developments under construction, and its latest Johannesburg project, The Olympus in Sandton, launched earlier this year with 510 units and an estimated development cost of R2 billion.

Tricolt’s steady growth and experience with large-scale, luxury developments are a positive sign for the reimagined project at 142 Bree Street. 

What The Fynbos would’ve looked like