The Amdec Group has launched the first tower of its multi-use development in Cape Town, Harbour Arch.
Tower One, worth approximately R2.4 billion, includes 80 000m2 of built form, 560 residential apartments, priced from R1.2 million to R8 million each, 2 500m2 of restaurant space, high-end vehicle retailers and parking of around 1 200 bays. The 3 500m2 ground floor area has been earmarked for motor vehicle facilities and dealerships.
The tower will also include a desalination plant and water storage facilities so that residents have access to potable water.
The whole multi-use precinct, which will be worth around R15 billion and will include around 2 500 apartments when complete, is being built on the 5.8-hectare Culemborg site on the south-eastern edge of Cape Town’s CBD. The complex will offer 200 000m2 of usable space.
Construction on Tower One was funded entirely by ABSA Bank with construction of Tower Two to begin once Tower One has been fully let.
Harbour Arch, which will include six towers, will be rolled out over the next five to ten years.
“We don’t want to flood the market with units. We are on track with our master plan for Harbour Arch. In the best-case scenario, Harbour Arch will be completed in the next five years. In the worst case, it will be completed in the next ten,” comments James Wilson, CEO of the Amdec Group.