|The R420 million 5-star development 15 on Orange, reportedly on track and gong well, has attracted over R100 million worth of investment to-date, according to a company press release. |
The Newcity Group development in Cape Town includes twelve penthouse apartments and luxury hotel coupled with a boutique retail segment
Demolition and excavation of the site, situated on the corner of Grey’s Pass and Orange Street, is underway and the main building contractors are to be selected in May. Newcity Group says 15 on Orange will complete on schedule in late 2008, in time for investors to benefit from the 2010 World Cup, and the tourism surge during the years leading up to the event.
This development was announced in November last year, offering the hotel suites and penthouse apartments to high net worth individuals and corporates. Newcity Group has partnered with Absa Commercial Property Finance, and Protea Hotels, owners of the African Pride brand.
An added benefit for investors is that the development falls within the Cape Town Urban Development Zone, as part of the Urban Renewal Tax Incentive, which came into effect in October 2004. Investors will thereby qualify for the tax benefit granted in terms of the act.
The hotel comprises 130 luxury hotel suites, 12 penthouse apartments, a spa and wellness centre, and will become the flagship hotel of the African Pride hotels, lodges and country houses’ portfolio.