select
|

Century City is an integral part of Cape Town’s property scene

An unusable wasteland – a marshy piece of ground. Most property developers wouldn’t look at it twice. But that’s the site of what’s now Century City in Cape Town. It’s taken visionaries to see the potential.



This development arose at a time when there was an increasing demand for land for construction purposes near to the city.  The sole reason it was looked at with any interest was its location close to the city and to nearby business areas like Paarden Eiland and Maitland.

The site was initially earmarked for affordable housing and the original developer, Ilco Homes, which developed what was then known as Summer Greens, ran into financial difficulties.



The development was then taken over by Monex Ltd whose MD, Martin Wragge, realised that, to succeed, would require the land to be rezoned as a mixed-use development as low cost housing could not support the level of services required, in particular to deal with the high water table and to provide direct access to the N1.

The rezoning was a seminal moment in the history of the area.  It provided for rights for a wide range of types of properties - commercial, residential, retail and leisure – and so this mixed-use feature allowed for the creation of a place where one can work, live, shop and spend one’s leisure time.

Construction began in 1997.  The interest shown by large corporate businesses like PricewaterhouseCoopers, Vodacom, the Louis Group, Unisys and Business Connexion, in establishing their offices in the precinct was an important step in turning this new area into a sought-after location.  The opening of Ratanga Junction and the Canal Walk Shopping Centre followed.  



“The Rabie Group got involved in Century City in 2004,” explains John Chapman, a director of Rabie Property Group, “when we acquired the remaining undeveloped land and associated rights.  These rights provided for the development of 1,25 million m2   of property, the bulk of which has since been developed.  The remaining 250 000 m2   will be developed in line with market demand.”

Over the years, the project has involved the investment of over R23 billion, a sizeable sum flowing into the economy of Cape Town. Investment continues apace, and current construction includes a major office development which will include new regional offices for Discovery.

According to Cohen, “Century City’s situation is clearly a big factor in making this an attractive area for business – near to the city as well as to many of the suburbs of Cape Town, and the area is well-serviced by public transport. We also know that the clean and safe environment appeals.”

These factors, coupled with the investment value of the properties in this private estate, have led to a precinct with more than 500 businesses and 3 500 residential homes.



One of the latest developments at this city-within-a-city has been the introduction of a Marriott Hotel, the signature brand of the world’s largest hotel group, Marriott International. This brand was ushered in through the recent conversion of the African Pride Crystal Towers Hotel to the Cape Town Marriott Hotel Crystal Towers.

“It’s extremely positive for Century City to showcase a global giant like Marriott Hotels. The credibility of the brand internationally adds gravitas to our tenant directory, and we will no doubt see many more visitors from around the world coming to Century City because of the presence of a hotel under this brand,” says Cohen.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK