Below we highlight the latest trending news in Cape Town’s property scene.
Cape Town set to construct a new breathtaking skyscraper inspired by the Rubik’s cube. Labeled ‘The Rubik’ – South African property developers Abland in conjunction with Nedbank and Giflo will oversee the construction of this luxurious mixed-use skyscraper commencing in June 2019 and completion targeted for July 2021. The property designed by architect firm dhk will be positioned at the junction of Loop and Riebek street and will cost around R480 million ($32.7 million). It will be made up of premium residential apartments above high-end retail space and luxury offices. Dogon Group Properties will oversee all the marketing initiatives with prices for apartments reported to start at R2.4-million ($163,994). — VISI
The City Council of Cape Town recently proposed amendments to the Municipal Planning By-laws (MPBL) which regulates land use and developments in the city. Prior to implementation of the amendments, the City Council is advocating for all interested parties (body corporates, ratepayers’ associations, and residents) to attend information sessions in addition to submitting feedback on the new by-laws before April 1st 2019. The proposed amendments affect installation of minor freestanding cell masts, short-term letting of flats, and emergency housing. — IOL NEWS
The 2019 Wealth Report by property group Knight Frank’s includes Cape Town property among the most expensive in the world. Despite, Cape Town ranking lower on the list, it costs approximately $1-million for 177 square meters of prime property. The report notes that in the next 12 months the global property markets will experience a shift in the performance as purchasers and investors respond to uncertainty in the global economy. Knight Frank forecasts that the cost of property in Cape Town will continue to grow by 6% alongside a number of European cities. It attributes this to the presence of investment hubs for European and global investors especially the Chinese. – CAPE TOWN ETC
A report titled City Leases: Cape Town’s Failure to Redistribute Land proposes a “radical new deal” aimed at breaking apartheid barriers in housing. The proposed deal by the civil society organization, Ndifuna Ukwazi states that the 24 areas of City-owned land, including golf courses, bowling greens, country clubs, and parking lots could be utilized by the City of Cape Town for low-cost housing. The report which sites the Rondebosch Golf Club as an example expounds that its annual fee of R1,000 (around $70) per year to the City Council of Cape Town as an injustice to the majority of residents in the city who cannot access decent housing/land. — GROUND UP
Cape Town’s Municipal Planning Tribunal has approved a land use application for a new 18 story skyscraper in Sea Point by property developer Berman Brothers Group. The building will reserve 20% of its 144 flats for “affordable” housing which is around 28 apartments. The project is aimed to avail households earning under R18,000 a month a decent and affordable house to rent. The approval was however met with opposition from the social justice movement Ndifuna Ukwazi, who were concerned about the height of the building. Jared Rossouw of NU noted the concerns of local residents and stated that it was necessary for Cape Town to promote radical densification in every well-located area in order to build a sustainable and efficient city. — BIZ COMMUNITY
Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends. Follow him on Twitter.