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OVERVIEW

Construction and property Affordable accommodation is on the agenda of developers.

SECTOR INSIGHT Fancourt Golf Estate has released new plots for the first time in a decade. • A 42-storey giant will soon appear on Adderley Street.

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he release by the City of Cape Town of sites in Woodstock and Salt River could lead to new housing for 4 000 lower-income households. The city wants private developers and social housing institutions to create affordable housing on the 11 sites that it has earmarked. Some R16-billion has been invested since 2012 in the four districts comprising the City of Cape Town CBD, but developers are being asked to include affordable accommodation in their plans so that the old apartheid spatial divide is not perpetuated. House prices in Cape Town are moving upwards faster than anywhere else in the country, both in terms of inflation (10.35% vs WESTERN CAPE BUSINESS 2018

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5.59%, Lighthouse) and average house prices (11.89% vs 5.6%, Pam Golding). A six-bedroomed Clifton house sold for a record R90-million in November 2016. As a symptom of how vibrant Cape Town’s property market is, Spear Reit has listed on the Alternate Exchange, becoming the first property fund to list as a Western Cape entity. The gross lettable area of the real estate investment trust (REIT) is 172 000m² and the intention is to take advantage in Cape Town’s building boom. A huge new tower will soon dominate one of Cape Town’s iconic corners. The Zero-2-One Tower to be constructed on the corner of Adderley and Strand streets will be the tallest building in Cape Town at 42 storeys. Of the 860 planned apartments, 312 will be in the affordable category, aligning the development with broader social goals. The site currently houses the Old Mutual Centre and Exchange Place. Land Equity and FWJK Developments are the developers. In another new development, there will be 250 residential units

Western Cape Business 2018  

The 2018 edition of Western Cape Business is the 11th issue of this highly successful publication that, since its launch in 2005, has estab...

Western Cape Business 2018  

The 2018 edition of Western Cape Business is the 11th issue of this highly successful publication that, since its launch in 2005, has estab...

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