One Billion Rand Deal to Develop the Foreshore

The Department of Transport and Public Works, Media 24 and Property Development recently concluded a R1 billion agreement to boost development on the foreshore.

The agreement includes the consolidation of ten properties, owned by the three parties and covering an overall site area of approximately 18 000 m², into a single property.

The consolidated land will be subdivided into three equal properties and developed mostly for office space and parking. "We have decided to put the property on tender to create as many job opportunities as possible for the people of the Western Cape," said Mr James Slabbert from Property Management.

The signing of the agreement comes after 12 years of negotiation and planning between the property owners and the City of Cape Town.