Cape Town’s V&A Waterfront is poised for a significant transformation, with Growthpoint Properties and the Public Investment Corporation (PIC) committing up to R4.5 billion for development over the next two years, Cape {town} Etc reports.
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This major investment will focus on enhancing the precinct’s hotels, leisure, residential, and retail spaces.
Norbert Sasse, Group CEO of Growthpoint Properties, announced the plans during a financial-results presentation in Sandton. Among the key projects is the transformation of the Table Bay Hotel into an InterContinental Hotels Group (IHG) property, with an investment of approximately R2 billion. This upgrade will include 306 rooms, 45 new suites, a new pool bar, spa facilities, and a revamped reception and restaurant area. The newly branded InterContinental Table Bay Cape Town is scheduled to open in 2025 and aims to continue the hotel’s legacy of luxury while introducing new features.
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Haitham Mattar, IHG’s Managing Director for India, the Middle East, and Africa, expressed enthusiasm for the project, emphasising the hotel’s perfect alignment with the InterContinental brand’s standards. The hotel will be managed by Sun International under a hotel management agreement.
Despite recent operational hurdles and the impact of higher interest rates on financial results, Sasse highlighted the substantial investment as a positive indicator of future growth in the property sector. He noted that Growthpoint Properties delivered strong operational performance for the 2024 financial year, particularly at the V&A Waterfront, although higher interest rates and lower dividends from Globalworth Real Estate Investments affected distributable income.
Looking ahead, Growthpoint and PIC are also planning a R700 million residential development at the Waterfront. Additionally, plans for a R20 billion expansion around Granger Bay are underway, contingent on obtaining further development rights from the City of Cape Town.
Estienne de Klerk, MD of Growthpoint Properties SA, underscored the importance of these developments for the precinct’s future, suggesting that the planned investments will enhance the Waterfront’s appeal and drive further economic growth.
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