Cape Town to get world-class waterfront
Cape Town’s V&A Waterfront is all set to get a new US$ 1 billion facelift that will be completed in time for the 2010 World Cup. The first plans drawn up by the investment consortium include new hotels, apartments and commercial developments.
The Dubai World and London & Regional Properties consortium made the announcement following its successful purchase of the development in October. Work has started on the project and will follow a three-stage development strategy that will see improvements to the waterfront starting immediately.
The first stage, over the next six months, will see landscaping and beautification measures, additional car parking space, commercial facilities and improvements to pedestrian access to the area.
The second stage, over the next three years, will ensure the V&A Waterfront is one of the highlights of the World Cup 2010, with the development of new hotels and resorts, creation of promenades, and entertainment areas, marinas, new shopping developments and new apartments and offices.
The third stage will see the development of new facilities to consolidate V&A Waterfront’s status as a leading global resort, with potential elements including a new yacht club and further marina development, a cruise ship terminal, a train station and improved connections to the airport.
The details were announced by James Wilson, chief executive of Nakheel Hotels & Resorts, a Dubai World company which will be leading the development of the Waterfront on behalf of the consortium.
Speaking at the IPD/SAPOA Property Investment Conference in Cape Town, James Wilson showed initial drafts of the master-plan for the development, which have been created by leading international planners WS Atkins and Partners Overseas.
Wilson said: “The World Cup in 2010 is a massive opportunity for South Africa to showcase itself on a global stage. We plan to make sure that Cape Town is seen as one of the highlights, with a waterfront to rival any in the world.
“But we are also looking to the long-term, with plans that ensure the Waterfront becomes one of the leading tourist destinations in the world.
“A critical element of the area’s success in the run-up to 2010 and beyond will be the ability of international visitors to get to Cape Town. We are hopeful that an open skies transport policy can be agreed, to help this process. It is essential to get more airlift into Cape Town.
The Victoria & Alfred Waterfront in Cape Town is a mixed-use prime waterfront real estate development in which shopping and entertainment venues are intermingled with office locations, world-class hotels and luxury apartments in the residential marina and active fishing port. Its leading hotels include Sun International’s Table Bay Hotel and The Cape Grace. Established by South African Government-owned Transnet in 1988, V&A Waterfront now attracts more than 22 million visitors a year, making it Africa’s number one property, leisure and retail development.
Report by Chitra Mogul
Chitra Mogul
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