Property value in the Cape Town central business district is expected to increase to US $2.59bn by 2020 due to the much development that is taking place in the foreshore area. According to Rob Kane who is the chairperson of the Cape Town Central City Improvement District (CCID), such development will enable the area to be in line with the central city’s growth line. Investment reports from CCID indicate that the property stands at US$2.30bn at the moment.
Kane also noted that the biggest challenge that they are facing at the moment is the expansion of the International Convention Center in Cape Town estimated to cost US$79.70bn and construction of the new Christian Baard Memorial Hospital. Additional buildings include the Artscape theatre complex, founder’s garden to be completed by 2016 and media 24 building.
US$47.90m will be spent on the towers, standard bank housing and Hertzog Boulevard. In addition, US$0.15bn has been spent on the Portside building which has 32 floors standing as the tallest building in Cape Town currently.
According to Kane, such developments will aid improve the business stature of the area as better business opportunities will be available. Small businesses will arise and also entrepreneurs supplying products and services to the workforce and residential component.
Currently, there are around 350,000 people moving through the CBD daily, and the figure is set to increase as the development of the city continues.
