Century City is booming with new hospitality, residential and commercial developments totalling more than R4,3 billion recently completed, under construction or in the pipeline.
These include a R1 billion mixed use development, The Square, in the Bridgeways precinct at the Ratanga Road entrance to Century City which will comprise:
- A 900 seat Conference Centre with 12 meeting rooms and a business class lounge
- A 125 bedroom hotel
- Showrooms with residential apartments above
- A 8800 square meter office block with ground floor restaurant and service retail
- A structured parking garage linked to the Conference Centre
Century City Conference Centre
This is the largest development undertaken to date by the Rabie Property Group at Century City and will bring more than R21billion the value of development which has taken place in the 250ha mixed use precinct since the first sods were turned in 1997.
Work on this mega development, which will be anchored by a multi-functional Square and will be set over a super parking basement, has started with completion due for end 2015.
John Chapman, a director of the Rabie Property Group, which has been responsible for the bulk of development undertaken to date and which owns the remaining undeveloped land and associated rights, says Century City is now home to more than 500 businesses and 3000 residential units with an estimated 50 000 people now living or working in the burgeoning precinct.
Commercial developments completed in recent months include the 4000 square metre The Business Centre and the 4000 square metre Philip Morris offices, each developed at a cost of R85m, six office blocks in Park Lane totalling R83m, 39 sectional title office development of 3600 square metres, The Quays for R82m and an R85m office block in the Estuaries for Old Mutual Private Wealth.
Over and above this infrastructure projects totalling R130m are planned or being undertaken including R45m of roads and canals in the Bridgeways precinct, an R18million upgrade of Sable Road, the R16million rollout of Century City Connect – Century City’s cutting-edge, open access fibre optic network which is enabling the country’s fastest voice, broadband and multi-media services and a R36million trunk terminus for MyCiTi .
Chapman said there were numerous factors contributing to the success of Century City, not least of all its central locality, its high standard of infrastructure and services, its safety and security, its very strong public transport offering including MyCiTi and the high quality of life offered in the precinct with a wide array of world class amenities from schools to gyms, Intaka Island and Canal Walk literally in walking distance and the emergence of a strong community spirit with sports clubs, churches and the like having mushroomed in recent years.
“Strong demand for offices in the precinct has also seen Century City office vacancies dropping and currently at a comparatively low 6% which has been driving new development while the residential market has attracted both owner occupiers and investors, the latter of which are practically secured a tenant from day one as rental demand strongly outstrips supply.”
When fully developed Century City will comprise a total of 1,25million square metres of bulk, of which just over 1 million square metres has been built or is in the pipeline, said Chapman.
“So there is still some way to go and, as with development to date, the rollout of the balance of rights will be driven by market demand.”