The V&A Waterfront, a mixed - use suburb in Cape Town, featuring upmarket residential apartments, a major shopping mall, a marina, and multiple large hotels, sits on the site of the oldest working harbour in the Southern Hemisfere has unveiled plans for a major R24 billion, approximately $1.26 billion redevelopment of its remaining undeveloped area : Granger Bay
Granger Bay is primarily used for leisure and recreational purposes, including yacht mooring and fishing activities and offering stunning, scenic views of the Atlantic Ocean and Table Mountain.
Positioned at the edge of Cape Town’s central city, the V&A Waterfront, owned by Growthpoint Properties, the largest South African primary REIT listed on the JSE, is an international property company with assets in South Africa, Australia, Eastern Europe nd the UK, and South Africa’s Government Employees Pension Fund, and is one of Africa’s most visited destinations.
The project was announced by CEO David Green duringa briefing with Tourism Minister Patricia de Lille ahead of the G20 Tourism Investment Summit. The development will span 15 to 20 years and aims to transform the Atlantic - facing precint int a sustainable public and residential waterfront district.
The development will include a sheltered bay created with new breakwaters, along with marine education centres, facilities for boating, snorkeling and kayaking and pedestrian walkways surrounding infrastructure will feature hotels, serviced apartments, retail outlets and office space.
The Granger Bay project will follow a regenerative sustainability model, aiming to generate more natural resources than it consumes while fostering tourism, employnment, and urban liveability.
Link
https://atta.travel/resource/cape-town-to-invest-1-26-billion-in-oceanfront-development.html
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