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Construction and property<br />
An affordable housing scheme in Ottery will reduce the housing backlog.<br />
OVERVIEW<br />
SECTOR INSIGHT<br />
The Waterfront is<br />
expanding again.<br />
The Amdec Group has been in the headlines in recent<br />
years for large and very expansive projects in highlydesirable<br />
areas. Johannesburg’s top-end Melrose Arch<br />
project was going to be replicated on <strong>Cape</strong> Town’s<br />
Foreshore with the Harbour Arch.<br />
Plans for that development are still going ahead, but the<br />
development group broke ground on a very different kind of<br />
project in 2020, an affordable housing project in Ottery (pictured).<br />
Named the Golden Grove Estate, the R500-million project will<br />
have 1 000 affordable residential apartments available for rent<br />
where the joint household income does not exceed R22 000 per<br />
month. The estate will include a retail centre, communal gardens,<br />
children’s playground, crèche and a communal clubhouse.<br />
The Provincial Government of the <strong>Western</strong> <strong>Cape</strong>’s “Better Living<br />
Model” will deliver 3 602 residential units in an affordable, mixeduse<br />
and residential-led development on the site of the old Conradie<br />
Hospital on the edge of Pinelands. The integrated, mixed-income<br />
housing development aims to reverse the spatial planning that was<br />
put in place under apartheid. With the state putting in the bulk<br />
infrastructure, costs for developers are significantly reduced. The<br />
quid pro quo is that the developer must set aside a certain number of<br />
housing units (49%) to grant-funded housing.<br />
The Belhar CBD is the site of 4 188 assorted residential units,<br />
including student accommodation, social housing units and<br />
military veterans’ units. Building was well-advanced in the course<br />
ONLINE RESOURCES<br />
<strong>Cape</strong> Town Transport and Urban Development Authority:<br />
www.tda.gov.za<br />
Construction Industry Development Board: www.cidb.org.za<br />
SA Institute of Architects: www.saia.org.za<br />
of 2021, despite Covid-19<br />
interruptions. One section of the<br />
development, Paarl Rock, had<br />
sold out by November 2021.<br />
The Victoria & Alfred<br />
Waterfront is continuing to invest<br />
in more space. Owned by the<br />
Public Investment Corporation<br />
and Growthpoint Properties,<br />
plans are being rolled out to add<br />
80 000m² to the available space<br />
within the Waterfront’s precincts.<br />
The Financial Mail reports that<br />
recently completed additions<br />
include new buildings for Ninety<br />
One and Deloitte food market<br />
(Makers Landing). Artists will soon<br />
have their own market too.<br />
FNB, which publishes a regular<br />
property barometer, has done an<br />
in-depth analysis of previous crises<br />
to understand the post-Covid<br />
property market. According to<br />
John Loos, a property strategist<br />
at FNB Commercial Property<br />
Finance, the most vulnerable<br />
sector is likely to be Retail Property.<br />
Smaller neighbourhood shopping<br />
centres, with more essential items<br />
and greater convenience, will be<br />
less vulnerable.<br />
The lockdown accelerated<br />
the trend for people to work<br />
from home, and so the Office<br />
Property sector will come under<br />
pressure. Many companies will<br />
be reducing office space, but<br />
this is merely a speeding up of<br />
an existing trend. ■<br />
37 WESTERN CAPE BUSINESS <strong>2022</strong>
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