Absa, Amdec partner to develop first Harbour Arch tower
Finance institution Absa Bank has partnered with urban precincts developer Amdec Group to develop the first tower of the multibillion-rand Harbour Arch project, on the Foreshore, in Cape Town.
A long-time partner to Amdec, Absa has provided a loan of R1.43-billion in addition to an existing facility of R210-million to bring the project into fruition.
This is one of the largest deals the Absa Commercial Property Finance division has done in recent years.
The construction of Harbour Arch Tower One – which includes parking, street level retail, an eight-floor lifestyle podium lined with coffee shops, pavement cafes and restaurants and 432 luxury apartments – is already under way and is expected to be completed in April 2023.
“The entire Harbour Arch development represents a private equity investment of R15-billion into the City of Cape Town, with a further investment in public infrastructure upgrades and a pipeline of municipal rates and utility revenues in perpetuity.
“Moreover, the project will create in the region of 20 000 job opportunities for those in the building sector now and, over the longer term, many more employment opportunities via the precincts retail, hotel and hospitality sectors,” says Amdec Group CEO James Wilson.
The development of Tower One follows the success of the Amdec’s Melrose Arch mixed-use precinct in Johannesburg.
Amdec has partnered with Absa on a number of the group’s other projects, including The Yacht Club, in Cape Town; Westbrook, in Port Elizabeth; the recently completed Melrose Square at Melrose Arch; and several Evergreen Lifestyle villages.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation