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CONSTRUCTION WORLD
AUGUST
2017
14
PROPERTY
This development arose at a time when there was an increasing
demand for land for construction purposes near to the city. The sole
reason it was looked at with any interest was its location close to the
city and to nearby business areas like Paarden Eiland and Maitland.
The site was initially earmarked for affordable housing and the
original developer, Ilco Homes, which developed what was then
known as Summer Greens, ran into financial difficulties.
The development was then taken over by Monex whose MD,
Martin Wragge, realised that, to succeed, would require the land to
be rezoned as a mixed-use development as low cost housing could
not support the level of services required, in particular to deal with
the high water table and to provide direct access to the N1.
The rezoning was a seminal moment in the history of the area.
It provided for rights for a wide range of types of properties –
commercial, residential, retail and leisure – and so this mixed-use
feature allowed for the creation of a place where one can work, live,
shop and spend one’s leisure time.
Construction began in 1997. The interest shown by large
corporate businesses like PricewaterhouseCoopers, Vodacom, the
Louis Group, Unisys and Business Connexion, in establishing their
offices in the precinct was an important step in turning this new area
into a sought-after location. The opening of Ratanga Junction and
the Canal Walk Shopping Centre followed.
“The Rabie Group got involved in Century City in 2004,” explains
John Chapman, a director of Rabie Property Group, “when we
acquired the remaining undeveloped land and
associated rights. These rights provided for
the development of 1,25 million m
2
of property,
the bulk of which has since been developed.
The remaining 250 000 m
2
will be developed in
line with market demand.”
Over the years, the project has involved
the investment of over R23-billion, a sizeable
sum flowing into the economy of Cape
Town. Investment continues apace, and
current construction includes a major office
development which will include new regional
offices for Discovery.
According to Cohen, “Century City’s
situation is clearly a big factor in making this
an attractive area for business – near to the
city as well as to many of the suburbs of Cape
Town, and the area is well-serviced by public
transport. We also know that the clean and
safe environment appeals.”
These factors, coupled with the investment
value of the properties in this private estate,
have led to a precinct with more than 500
businesses and 3 500 residential homes.
One of the latest developments at this
city-within-a-city has been the introduction
of a Marriott Hotel, the signature brand of
the world’s largest hotel group, Marriott
International. This brand was ushered in
through the recent conversion of the African
Pride Crystal Towers Hotel to the Cape Town
Marriott Hotel Crystal Towers.
“It’s extremely positive for Century City to
showcase a global giant like Marriott Hotels.
The credibility of the brand internationally adds
gravitas to our tenant directory, and we will no
doubt see many more visitors from around the
world coming to Century City because of the
presence of a hotel under this brand,”
says Cohen.
An integral part of
CAPE TOWN’S
property
SCENE
An unusable wasteland – a marshy piece of ground.
Most property developers wouldn’t look at it twice.
But that’s the site of what’s now Century City in Cape
Town. It’s taken visionaries to see the potential.
One of the latest developments at this city-
within-a-city has been the introduction of a
Marriott Hotel.