A HIGH-RISE apartment development comprising 400 upmarket residential units in nine blocks is to be built on a north-facing site at Century City by Two Oceans Development Company at a cost of more than R220 million.

The development, which is the first residential development within the central Century City precinct, will front on to the canal overlooking Intaka Island, Century City' award-winning nature conservation wetlands area with most of the apartments enjoying uninterrupted mountain and sea views.

The entire development will have a nautical theme and will comprise two elements - seven blocks of varying heights set back from the canal to be called 'Two Oceans Wharf' and two low rise blocks hugging the canal edge - 'Two Oceans Quays' - which is situated closest to the Canal Walk shopping centre.

Construction of the first apartment block - Compass Rose at Century Wharf - with 48 two- and three-bedroom units ranging in size from 80 square metres to 170m2, will begin in mid-January with occupation scheduled for November next year. Construction of the second block is expected to start mid-2003 with the others being rolled out from then on.

All the blocks will offer undercover parking and a high level of security with controlled security access points.

Barry Levin of Two Oceans said they were extremely bullish about residential property in the Western Cape generally and Century City in particular.

'So much so that although there has been extremely strong interest from both local and international buyers we are going full steam ahead with the first block and are not even considering pre-selling at this stage. These units not only offer the lifestyle of the century but hold tremendous investment potential.'

Jack Levin of Two Oceans added that they viewed Century City as the heart of Cape Town. 'Its location is within easy access of most of the major suburbs and central business districts of greater Cape Town, it has excellent security and high standards of infrastructure and every amenity right on the doorstep. In all it offers an unparalleled lifestyle for those living or working there.'

He said the north-facing site Two Oceans had acquired at Century City for their development was 'truly magnificient'.

Greg Deans, managing director of Century City Limited, the developers of the 250ha Century City project, said the addition of a residential component into the mix marked the beginning of Century City becoming a fully fledged 'city within a city'.