Cape Town continues to face a pronounced student housing shortage. Published sector data shows that the central city offers roughly 13 670 beds for almost 75 000 students. This leaves a considerable shortfall. In response, Heriot REIT Limited celebrated a major milestone with a sod-turning ceremony to launch construction of Fibonacci student accommodation, a new development in Mowbray, Cape Town. The experienced Heriot REIT development team — Steven Herring, Grant Elliott and Daryl Sher — is driving the project. It directly responds to the city’s growing demand for quality, accessible student housing, especially for students attending the University of Cape Town (UCT) and neighbouring institutions.
Prime Location With Excellent Connectivity
Located just 1.5 km from UCT and close to Damelin and CPUT, the development offers strong connectivity for students. The Fibonacci sits along the well-used Jammie Shuttle UCT bus route. It also stands within walking distance of the local Metrorail station. These features make it a convenient and accessible residence for students moving around the city.
Once complete, the nine-storey development will provide 574 contemporary student residential units. It will offer an integrated lifestyle experience with ground-floor retail, co-working spaces, parking, a gym, a rooftop terrace and padel courts. A Shoprite Checkers store will anchor the retail component and create a convenient on-site amenity for residents. This addition also strengthens the development’s presence in the Mowbray neighbourhood. Developers launched a limited number of apartments for sale at R1.195 million.
The Fibonacci sits within an Urban Development Zone (UDZ). This location gives qualifying investors access to the Section 13(6) tax incentive and boosts the project’s commercial appeal. Flyt Property Investments and Revo Property Group have driven sales and investor engagements.
According to Darryn van der Poel of Flyt Property Investments, the joint marketing agent alongside Revo Property Group, “Demand has exceeded expectations.” “Of the allocation released to market, we are already 100% sold out. The investment case speaks for itself, with both rental demand and rental growth remaining consistently strong.”
The balance of the units, 400 in total, will remain within the Heriot investment portfolio as rental stock.
City of Cape Town Praises Private Sector Collaboration
Speaking at the site inauguration, the City of Cape Town’s Mayoral Committee Member for Economic Growth, Alderman James Vos, highlighted the importance of private-sector collaboration. He said, “Cape Town is buzzing with investor confidence, and it’s wonderful to see private-sector partners driving exciting developments like The Fibonacci. These projects show the real momentum in our city. As the City of Cape Town, we’re backing this investment wave all the way through our Ease of Doing Business programme and dedicated support services, because when developments like Fibonacci Student Accommodation take root, they create jobs, boost local businesses, and help our economy thrive.”
Grant Elliott, who leads the project for Heriot REIT, emphasised the long-term vision and the local impact of the development. He said, “Reaching this milestone is the culmination of a decade of planning, commitment and collaboration. It is particularly meaningful to see the impact this project will have — not only in supporting the Cape Town and Western Cape economies, but also in contributing positively to the surrounding community and neighbourhood.”
Elliott added that The Fibonacci reflects Heriot REIT’s commitment to delivering high-quality residential solutions while contributing to broader urban upliftment. “Our focus has always been on creating well-located, well-integrated developments that add lasting value,” he said. “The Fibonacci will not only house students — it will support local commerce, revitalise an important node, and help address a critical accommodation shortfall in the region.”
Professional Student Management for a Quality Living Experience
The management of the student rental, operations and resident-community experience will be overseen by Proper Living. The company specialises in student accommodation and community-centred property management in Cape Town. An on-site property manager will also be appointed. This manager will oversee maintenance, access, security, and student support services within the building.
Local ward councillor Yusuf Mohamed, who attended the groundbreaking ceremony, said that the neighbourhood had long awaited a development of this scale. He added, “The community has been waiting for this progress and the upliftment it will bring. The Fibonacci student accomodation represents positive momentum for Mowbray and the broader area.”
Construction is scheduled to commence in January 2026. Completion is targeted for late 2027.
