Property investment of almost R14 billion underpins the Cape Town cbd’s resilience
The Central City “held its own quite remarkably” in the year under review, says CCID Board chairperson Rob Kane.
The SCCR report shows that, according to the City of Cape Town’s 2018/2019 property evaluation, the value of Central City property stands at R44.124 billion, and that the total value of property investments in the Central City – recently completed, under construction, proposed or planned – is R13.83 billion.
This is broken down into:
- R1 045 000 000 – A conservative estimate of the value of property completed in the Central City during 2019 but which still has to be officially assessed by the City of Cape Town (7 projects);
- R3 730 000 000 – The value of property, conservatively estimated, that is under construction (14 projects);
- R5 196 000 000 – The value of property, conservatively estimated, that is currently in the planning phase (11 projects); and
- R3 860 000 000 – The value of property, conservatively estimated, that is currently proposed and is expected to begin construction within the next two years (6 projects)
(Ref: Prop 24)