Century City growth at record levels.

Posted On Monday, 02 December 2002 10:01 Published by
Rate this item
(0 votes)
MORE than R1.3 billion in new projects are lined up or under negotiation for Century City.

MORE than R1.3 billion in new projects are lined up or under negotiation for Century City.

Greg Deans, newly appointed managing director of Century City Ltd, the company developing the 250ha site, said schemes currently on the drawing board would bring total investment at the complex over the past five years to close to R4 billion - an unprecedented achievement in South Africa. 

The planned projects include two large deals for more than 40 000 square metres of offices. 

Deans said while the commercial office market in the Western Capehad slowed in line with general economic activity, Century City was bucking this trend. 

'To put it into perspective, the amount of office space we currently have under serious negotiation is equivalent to almost the full annual uptake of premier-grade space for Cape Town.' 

Other new projects include the first residential development for the central Century City precinct - a R220m development of 400 apartments by Two Oceans; a R55m Waterford Mews development comprising 13 freestanding office blocks, which is nearly sold out; new southern headquarters for Securicor Gray; and new offices for Advanced Hair Design. 

An R80m 'lifestyle' retail centre is also on the drawing board and further residential and lifestyle developments are under negotiation. 

'What we are creating at Century City is truly a new city, a city within a city,' said Deans. 

'It is not just about constructing buildings. It is about creating a quality lifestyle that offers not only work places and living places but neutral public places where people can meet, relax and fulfil their social needs in a convivial neighbourhood. 

'This is what has been termed 'new urbanism' and what we are striving to deliver at Century City, particularly on the North Bank of Canal Walk which is now in the final planning stages.' 

Projects completed to date include: 

l Canal Walk shopping centre, which is showing year on year  turnover growth well in excess of 35%;l Ratanga Junction theme park, which has introduced a seasonal operating schedule and which re-opened for the season last week;l The recently-reopened Dockside nightclub and entertainment complex; andl The Express by Holiday Inn hotel, which is enjoying high occupancies. 

In addition, more than 140 000m2 of office bulk have been sold with the first 14 office buildings completed for an impressive list of blue-chip corporates that include PricewaterhouseCoopers, Vodacom, Comparex, The Louis Group and Discovery Health. 

Demand for housing has been growing in tandem with commercial development and close to R100m in home sales have been recorded on the neighbouring Century View site west of Ratanga Road in recent years. 

Deans said he had 'an unshakeable belief in the vision of Century City and all that it imbues'. 

'I have no doubt that the new developments in the pipeline, together with what has been accomplished to date, will create a critical mass ensuring the long-term success of this new city within a city and creating an unstoppable momentum.' 

The key factors driving the success of Century City, said Deans, was its central locality, easy accessibility off the N1, the strong emphasis on security and it being a managed environment. 

Other factors included its environmentally sensitive approach to development (6ha of wetlands conservation area is incorporated), flexible options and IT infrastructure.
Publisher: Weekend Argus
Source: Weekend Argus

Most Popular

Residential property market gathering momentum, says Eazi Real Estate

Nov 18, 2020
In this last quarter concluding in December 2020, the residential property market…

Lockdown impacts buying trends of generations of home buyers

Nov 15, 2020
The Covid-19 pandemic and lockdown has been a catalyst for highlighting the different…

Second-hand shopping is being revolutionised and expanding the circular economy

Nov 18, 2020
EPP CEO_Tomasz Trzoslo
Conscious consumers are championing the resale of goods to reduce waste and extend the…

It’s all about creating confidence and positive sentiment in our economy, says Dr Andrew Golding

Oct 28, 2020
The Minister of Finance hit the nail on the head when he said that it is not only…

Pam Golding Properties awarded Best Real Estate Agency in South Africa in International Property Awards

Nov 18, 2020
IPA Awards Pam Golding Properties 2020 - 2021
Competing against real estate companies from around the country, this is the 14th year…

Please publish modules in offcanvas position.