Cape Town – Property developer the Amdec Group has launched the impressive first tower of the multi-use Harbour Arch development which they hope will become a Cape Town landmark.

Amdec Group chief executive James Wilson said the tower, which is worth about R2.4 billion, includes 80000m² of built form, 560 residential apartments, restaurants, high-end vehicle retailers and ample parking of about 1200 bays.

The development is being built on the 5.8ha Culemborg site on the south-eastern edge of the Cape Town CBD. The apartments are priced from R2.1m to about R8m each.

In November last year, Wilson said: “The Amdec Group is deeply committed to redressing the injustices of the past, which is why we voluntarily elected to incorporate affordable housing at our Harbour Arch mixed-use development.”

Yesterday, Wilson said the one aspect which could slow the development’s progress was the strength of the economy, but he added that Harbour Arch was well positioned to attract local and international investors.

“We are on track with our master plan for Harbour Arch. In the best-case scenario, Harbour Arch will be completed in the next five years. In the worst case, it will be completed in the next 10 years.”

Asked whether the site or cranes and construction sites around Cape Town were a vote of confidence in the Mother City, Western Cape Property Development Forum chairperson Deon van Zyl said many more cranes and construction sites were needed before he could say investment confidence had recovered.

“One must remember that numerous sites may still be sitting at ground level or have only just been able to start work, after many years of barely hanging in there, waiting for the plethora of red-tape-restricted and often very lengthy approval processes to play out.

“What we are far more excited about, really, is that the local government is now paying a great deal of attention to understanding where these obstacles lie when it comes to getting developments off the ground,” Van Zyl said.