IMPTI DU TOIT
Buoyant residential conditions have seen huge strides being made by new management at Century City to develop a city within a city, and cranes are again dotting the skyline.
Greg Deans, managing director of Century City Ltd (CCL), said milestones achieved over the past year included the successful launch of two major luxury apartment developments, The Island Club and Villa Italia.
Together these developments represent an investment of more than R650 million and will bring more than 800 new front doors to Century City.
It's a 250-hectare, mixed-use development. The successful launch of Villa Italia, the "acid test" of the new-look Century City Ltd, had exceeded all expectations, said Deans, with only a handful of units in all three phases remaining.
Construction of the R260m project, where units have been selling for an average price of about R750 000, is expected to start soon, with the first units available by year end.
The Island Club, a 445-unit luxury apartment complex being developed by a consortium comprising Rabie Property Developers, Harries Projects and Nedcor, has also enjoyed strong sales, with the final phase of the R400m project scheduled to be launched soon.
Construction of the first phases of the development is under way. In addition, Deans said, single residential sales at Century View, a 35ha site north west of Ratanga Road which falls within the greater Century City precinct, had performed strongly with more than 110 units having been sold within the past year.
"It has been a challenge to keep up with demand as these developments have been selling out as they come to the market. Our architects are working around the clock to bring new products on line and we will be launching the first of these developments shortly," he said.
Deans said while the commercial property market had been less buoyant, R43m in non-residential land sales had been achieved in the past year.
The year had also seen the sale of Canal Walk shopping centre out of Canal Walk (Pty) Ltd of which CCL had a 32.3% share; the sale of Number One Waterford Place, a 3 800m2 premier grade office block, for R26m, as well as sale of the neighbouring 100m2 Pavilion restaurant complex for just under R1m.
Deans said another major accomplishment over the past year had been the finalisation of the Urban Design Framework or master plan that will provide the blueprint for future development at Century City, ensuring a balance between lifestyle amenities within a secure and environmentally-friendly setting positioned around award-winning wetlands and a network of linking waterways.
"This framework will ensure future development embraces the principles of new urbanism to create a medium to high density urban environment that offers an exceptional lifestyle, pays attention to the public realm and respects pedestrians and non-vehicular traffic - and where one can conceivably go to work, live in a luxury apartment or free-standing home, shop at a premier shopping centre and enjoy a variety of entertainment, leisure and sporting activities all within walking distance of each other."
Publisher: Weekend Argus
Source: Weekend Argus
New developments promote working and shopping close to home Century City goes metropolitan
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