THE new urbanism concept of living, working and playing in the same area is gaining momentum at Century City in Cape Town with work on the first of eight new projects due to get under way in the next few months.

The new development will cost almost R2bn. This is in addition to the R1bn construction already taking place.

The new urbanism concept at Century City appears to have been more successful than at Melrose Arch in Johannesburg, says p roperty economist Erwin Rode of Rode & Associates.

"I suspect the reason is they started off in Century City with a super regional shopping centre (Canal Walk), which serves as an anchor for the whole multiuse node that is being developed," says Rode.

He says the concept is gaining its own momentum at Century City. "It makes a lot of sense. It reduces commuting, it increases security and improves the lifestyle of people living there, if planned sensitively and smartly. The way things are developing now, one suspects that residential locations close to work opportunities will increase in value faster because of the clogging up of our transport arteries."

One of the new developments planned for Century City is a 15storey skyscraper that is set to be launched shortly.

The KnightsBridge residential project is to be built on a private island and wharf close to the Canal Walk Shopping centre and abutting Intaka Island, Century City's awardwinning nature conservation area.

The 194 apartments, ranging from single-bedroom to duplex apartments and priced from R750000 to R4m, will be housed in three tower blocks with the main buildings linked by a water-spanning penthouse bridge.

KnightsBridge will also offer communal amenities including a clubhouse, gymnasium and indoor swimming pool, as well as a boutique wellness spa.

The project will be launched to the public on Friday.

KnightsBridge follows the success of residential projects The Island Club and Villa Italia, which are both well under construction. In March this year Business Day reported that investor demand for upmarket residential property at the Century City precinct was strong, with about R700m in sales at Villa Italia and the Island Club in the previous nine months.

Work is also due to start shortly on a 40000m² business park where all sites were snapped up ahead of the official launch. The business park, called Century Gate, will be sited on the northern boundary of Century City facing Bosmansdam Road and will consist of doublestorey offices linked to showrooms and warehousing.

Land prices have been pitched at between R500/m² and R550/m² and buyers are required to start building work within two years of taking transfer in February.

Greg Deans, MD of Century City Property Developments, says the project's success confirmed the generic appeal that Century City has as a new urbanist hub where people can live, work and play.

Century City will also soon be home to a Lifestyle Centre for a leading German motor manufacturer. Deans says the architecture of the Lifestyle Centre will be avante garde and striking "in keeping with the international stature of the brand whose presence at Century City will serve to reinforce the already strong Century City brand".

A software development company has also purchased a 10500m² site in the northern section of Century City overlooking the Intaka Island wetlands and will start work on an R80m, 7000m² first phase office building in the new year.

Deans says the commercial property market is strengthening and the launch of four stand-alone, freehold triple-storey office blocks in the Waterford Precinct has been well received by the market. Each block will measure about 500m². Development of the blocks is expected to start in the new year.

This year the Rabie Group bought the Century City property business from Nedcor for R118m.