The launch last week of the R155m commercial and residential development t' Waterkant on the site of a one-time quarry is further proof that Cape Town's Tyger Valley is becoming an investment alternative to the Atlantic Seaboard and the Peninsula.

The sectional title development, which will spring up alongside a lake, is a joint venture between Allan Collier and Stuart Chait's Property Partners and Warner Projects' Waner brothers, developers of a mixed bag of clusters in Sandton.

Mixed-use t' Waterkant will consist of 125 luxury apartments and penthouses and 16 retail and restaurant outlets.

That the retail component is also for sale under sectional title is a rare and potentially attractive feature. "It will appeal to retailers who prefer to put money into a mortgage bond rather than pay a monthly rental," says Heidi Aucamp, MD of Heico Properties, marketers of t' Waterkant.

The residential component, designed to make the most of its lakeside position, will employ a concierge. Its facilities include a gym, heated pool, roof garden and entertainment area.

Prices for the apartments, which are expected to draw foreign interest, range from R639 900 for a 61 m² (plus small balcony) apartment to R2,5m for a 168 m² penthouse (plus a 43 m² balcony). The average price is between R800 000 and R900 000.

Financial Mail