(Cape Town - 4 July 2005) It’s been two months since construction started on The Claremont, a R250-million mixed-use development in the heart of Claremont’s CBD.  The development, a partnership between the Foodprop Group of Companies and Zwelinzima Property Developers, is one of the most significant BEE equity deals in the Western Cape property market to date. 

Says Clive Lurie of the developers, “Some two months later, The Claremont has started rising from the ground and there is visible progress.  We’re on schedule with our construction timeline, and since construction commenced more than 80% of the 322 apartments have been sold, with only 30 apartments left.  Once complete, the development will be a landmark on Claremont’s skyline.” 

Kurt Schwechheimer of Grinaker-LTA Building Cape says the construction team has experienced no major challenges in getting out of the ground.  “Not even the last few months’ wet weather deterred us from sticking to the development schedule.”

According to Geoff Davis of Davis & Hinsch Architects, The Claremont’s retail component on Main Road, Claremont and Draper Square at the rear off the development, is currently being packaged.  “Once the developer has finalized their desired tenant mix, the retail component will be made available to the market.” 

Glen Davis, Regional Manager Absa Commercial Property Finance, says financing developments of this size are not a daily occurrence.  “At around R200-million, The Claremont is one of the larger financing deals Absa have undertaken in the Western Cape.  The fact that the developers  have to-date experienced no major problems on site and are on schedule is testimony to the dedication of the team in driving the process forward and we’re exceptionally pleased to be associated with a development that’s changing the face of Claremont’s CBD.”

ENDS