Property developer, the Amdec Group, has launched the impressive first tower of the multi-use development which will become an iconic citizen in Cape Town.
The tower, which is worth about R2.4bn, includes 80 000m2 of built form, 560 residential apartments, restaurants, high-end vehicle retailers, and ample parking of around 1200 bays. The apartments are priced from R2.1m to around R8m each.
It has 2500m² of restaurant space with stellar views of the city. The 3500m² ground floor area has been earmarked for motor vehicle facilities and dealerships. Further, the tower will soon include a desalination plant and water storage facilities so that residents have access to potable water should they need it, especially if Cape Town finds itself in a drought situation again.
“I’m proud of what our team has achieved with the first tower at Harbour Arch. We are excited to add Harbour Arch to Cape Town, creating jobs and investment opportunities and enhancing the lives of Capetonians and tourists alike,” says the Amdec Group’s CEO, James Wilson.
The whole multi-use precinct, which will be worth around R15bn and will include around 2500 apartments when complete, is clearly coming to fruition, creating thousands of jobs. It is being built on the 5.8 ha Culemborg site on the south-eastern edge of the Cape Town CBD. The complex will offer 200,000m² of usable space and will provide more than 20000 construction jobs.
The Amdec Group has positioned itself as the developer of choice in the Western Cape, since it was founded by James and his father, John, in 1989. The group has grown from humble beginnings when its earliest projects included residential renovations and refurbishments in the southern suburbs of Cape Town to multi-billion Rand projects.
The Amdec Group portfolio includes eight major real estate investments in South Africa, notably Melrose Arch in Johannesburg; Harbour Arch and The Yacht Club in Cape Town; Val de Vie and Pearl Valley in the Cape Winelands; Sitari Country Estate outside Somerset West; Westbrook in Gqeberha; and Evergreen Retirement Villages across the country. It has also developed three projects in the UK, and seven projects in the USA.
Construction of the first tower was funded entirely by ABSA Bank, strong long-term supporters of Amdec. The project started approximately 42 months ago, and was built almost without a hitch. The only break in construction was for a short period when the country was placed into hard lockdown amid Covid-19.
Numerous ‘buy-to-let’ investors have also supported the Amdec Group and the Harbour Arch project since inception, many purchasing as many as five units with the aim of renting them out afterward. The buy-to-rent model remains popular in South Africa.
Construction will begin on Tower Two 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. The one aspect which could slow the development’s progress is the strength of the economy, but Harbour Arch is well-positioned to attract local and international investors.
“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. We applaud every person who has supported us on our journey so far,” says Wilson.
