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WITH new development totalling in excess of R2 billion currently under way, Century City again resembles a crane city with no less than 13 tower cranes and a number of mobile cranes dotting the skyline. Other than the new World Cup stadium in Green Point this is the greatest concentration of cranes in the Western Cape.
Greg Deans, a director of Rabie Property Group, the developers of Century City, says the level of activity is a clear barometer of the confidence the market has in the future of the Western Cape generally, and in Century City in particular. “There is no doubt Century City has rapidly become a premier commercial and residential precinct attracting a growing list of blue chip corporates and medium and smaller companies. It is a real success story and people are attracted to success which has created an unstoppable momentum with many major players in the property and investment sectors increasing their exposure here.”
Projects underway include the R700 million Crystal Towers development, the largest single project undertaken at Century City since the Canal Walk Shopping Centre and which comprises a luxury five star hotel and amenities, luxury apartments and offices. Being constructed by Murray & Roberts, this mega high rise, high density development currently has three tower cranes and a work force of over 220 beavering away to ensure completion ahead of the 2010 World Cup. The work force is expected to peak at well over 500.
Other projects currently under construction and employing tower cranes include:
• The R250 million extension of Canal Walk Shopping Centre to provide four standalone retail pods on Century City’s main thoroughfare, Century Boulevard. Main contractor, WBHO has four tower cranes and a current work force of 500 on site with this expected to peak at over 1 000 ahead of completion in 2009.
• The Gateway, a prime new office block providing 4 000 sq m of triple A-grade offices and double volume motor showroom for BMW being developed by the Rabie Property Group at a cost of R150 million.
• An extension to the StayEasy hotel to provide an additional 30 rooms at a cost of R35 million.
• The R150 million Manhattan luxury apartment and hotel suite development, also being developed by the Rabie Property Group, and which is nearing completion on a canal fronting site.
• A new campus for Abbotts College which is due for completion by Granbuild by the start of the 2009 school year.
• Edison Square, a 3 000 sq m office development under construction at Century Gate near the Bosmansdam entrance to Century City being developed at a cost of about R50 million.
• Waterview Park 3 office block comprising about 2 000 square metres of offices which is being built by JT Ross.
Further cranes will be rising shortly once construction gets underway on Canal Plaza, a 10 000 square metre office block being developed jointly by Harries Projects and Gutsche Investment and Management Company at a cost of about R250 million.
Other projects being developed by the Rabie Property Group and now under construction but not currently employing tower cranes include a new R60 million Virgin Active Gym nearing completion; Waterstone, a R400 million residential development of apartments, townhouses and free standing homes and the R80 million first phase of Central Park , an 18 000 sq m, R360 million office park which is being built around a village green.
In addition the first 15 of 18 office blocks in the 35 000 sq m Estuaries office development are now nearing completion. Total development here to date has topped R500 million. Also recently completed is Madison Property Fund Managers’ R50 million Knowledge Park 3 office block which comprises 3 000 sq m of Triple A grade office space.
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