{"id":698903,"date":"2023-06-26T10:27:22","date_gmt":"2023-06-26T08:27:22","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=698903"},"modified":"2023-06-26T10:27:22","modified_gmt":"2023-06-26T08:27:22","slug":"big-step-for-new-r16-billion-mega-development-in-cape-town","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/698903\/big-step-for-new-r16-billion-mega-development-in-cape-town\/","title":{"rendered":"Big step for new R16 billion mega-development in Cape Town"},"content":{"rendered":"\n<p>Amdec Group, the developer of the R16 billion mixed-use Harbour Arch precinct in Cape Town, has completed its first tower in the project and handed over the first units to buyers.<\/p>\n\n\n\n<p>The finalisation of Tower 1 is a significant step in the precinct development and sets a solid foundation for the remaining five Harbour Arch Towers.<\/p>\n\n\n\n<p>Work on the second tower will commence soon, the group said.<\/p>\n\n\n\n<p>Many parts of South Africa are struggling economically, but the Western Cape remains resilient and continues to attract investment. <\/p>\n\n\n\n<p>This is evident by the number of people semigrating from other parts of the country and the number of large-scale construction projects in progress across the province.\u00a0<\/p>\n\n\n\n<p>Construction at Harbour Arch began in February 2020 \u2013 a few months before the Covid-19 pandemic set in. Despite the inevitable challenges, Tower 1 has been completed on time and within budget and is currently being handed over to residents and tenants, said Amdec Group.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Street-View-of-Building-4-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Street-View-of-Building-4-1024x768.jpg\" alt=\"\" class=\"wp-image-698907\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Street-View-of-Building-4-1024x768.jpg 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Street-View-of-Building-4-300x225.jpg 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Street-View-of-Building-4-768x576.jpg 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Street-View-of-Building-4-1536x1152.jpg 1536w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Street-View-of-Building-4-2048x1536.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>The development is built on a 5.8-hectare site, with 200,000 square metres of usable space, featuring six individual towers.<\/p>\n\n\n\n<p>The completed precinct will include the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Commercial offices and corporate headquarters;<\/li>\n\n\n\n<li>An urban park and shopping galleria at the street level;<\/li>\n\n\n\n<li>An 8th-floor open-air piazza lined with restaurants, coffee shops and cocktails bars;<\/li>\n\n\n\n<li>2 Marriott-branded hotels with conferencing facilities; and<\/li>\n\n\n\n<li>A flagship health and fitness club and the CBD&#8217;s largest selection of residential apartments.<\/li>\n<\/ul>\n\n\n\n<p>\u201cConfidence in &#8211; and desire for &#8211; property in the Cape Town CBD became clear back in 2017 when the Amdec Group launched the scheme to market,\u201d said Managing Director of Amdec Property Developments, Nicholas Stopforth.<\/p>\n\n\n\n<p>According to Stopforth, 95% of the 432 apartments released to the market were sold within the first year, adding that several factors drive Harbour Arch\u2019s desirability. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Unit-925-5-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Unit-925-5-1024x768.jpg\" alt=\"\" class=\"wp-image-698909\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Unit-925-5-1024x768.jpg 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Unit-925-5-300x225.jpg 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Unit-925-5-768x576.jpg 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Unit-925-5-1536x1152.jpg 1536w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/06\/Unit-925-5-2048x1536.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>\u201cThe market is looking for a particular type of urban lifestyle, epitomised by the global trend of&nbsp;New Urban&nbsp;design \u2013 where residents can live, work, play, relax, and stay in a safe, convenient, sustainable and community-focused environment,\u201d&nbsp;he said.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The R16 billion development by the Amdec Group represents a significant private sector investment into the city and is likely to affect the local economy positively.\u00a0 <\/p>\n\n\n\n<p>According to the Amdec Group CEO, James Wilson, \u201cMore than 20,000 jobs are being created during the construction phase alone, with many more employment opportunities &#8211; especially in the tourism, hospitality and retail sectors &#8211; upon completion.\u201d&nbsp;<\/p>\n\n\n\n<p>The 10-year project will also stimulate a further R100 million in infrastructure upgrades for a rapidly densifying city with a projected population growth of five million by 2050.<\/p>\n\n\n\n<p>Most importantly, the Group added, is that the precinct provides for the efficient use of space through its densification of the urban residential environment without compromising on the need for a lifestyle that incorporates green space, retail and hospitality facilities, and on-site opportunities for keeping healthy and fit.\u201d\u00a0<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/property\/696765\/cape-town-is-full\/\">Cape Town is full<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This R16 billion mega-development has just finished the construction of its first tower, with 95% of its apartments having already been sold.<\/p>\n","protected":false},"author":10,"featured_media":698911,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872,12755],"tags":[15208,2279],"class_list":["post-698903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-property","tag-amdec-group","tag-cape-town"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/698903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=698903"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/698903\/revisions"}],"predecessor-version":[{"id":698941,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/698903\/revisions\/698941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/698911"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=698903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=698903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=698903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}