Property developers the Amdec Group has launched the first tower of its multi-use development Harbour Arch in Cape Town.
Fully funded by Absa Bank, Tower One is worth about R2.4bn and includes 80,000m² of built structure, 560 residential apartments, restaurants, high-end retailers and about 1,200 parking bays. The apartments are priced from R2.1m to about R8m.
The tower has 2,500m² of restaurant space and also offers exceptional city views. The 3,500m² ground floor area has been earmarked for motor vehicle facilities and dealerships.
A desalination plant and water storage facilities for access to potable water, should residents need it, are also planned.
“I’m proud of our team’s achievement with the first tower,” says the Amdec Group’s CEO James Wilson. “We are excited about creating jobs and how it is going to enhance the lives of Capetonians and tourists alike.”
Completed, the multi-use precinct (worth about R15bn) will include about 2,500 apartments which in itself will create thousands of work opportunities.
Harbour Arch is under construction on the 5.8ha Culemborg site on the south-eastern edge of Cape Town’s CBD, and completed will offer 200,000m² of usable space and provide more than 20,000 construction jobs. The project started about 42 months ago with only a short break in construction during hard lockdown.
“We don’t want to flood the market with units,” says Wilson. “We are on track with our master plan. In the best-case scenario, Harbour Arch will be completed in the next five years. Otherwise within the next 10 years.”
Numerous buy-to-let investors have supported the Harbour Arch project since inception, some purchasing as many as five units with the aim of renting them out afterwards. Construction will begin on Tower Two once Tower One has been fully let.
