Work starts on a multi-billion rand project in Western Cape

By
Font size: Decrease font Enlarge font
Atterbury, the main company behind Gauteng’s Waterfall City, has broken new ground with the commencement of the internal works at Richmond Park in Milnerton, Cape Town. Atterbury, the main company behind Gauteng’s Waterfall City, has broken new ground with the commencement of the internal works at Richmond Park in Milnerton, Cape Town.

Mon Tresor Business Gateway

Construction work has finally begun on a multi-billion rand mixed-use property development located in an industrial node of Milnerton, Cape Town.

Atterbury, the main company behind Gauteng’s Waterfall City, has broken new ground with the commencement of the internal works at Richmond Park for the first of two property developments on the site of the biggest land restitution in the Western Cape.

“We’re thrilled to announce the first two developments at the park, will be for CTM and Cape Fruit Coolers,” says Gerrit van den Berg, who heads Atterbury’s Western Cape operations.

Also read: Steyn City raises mixed-use development to new Heights

The mixed-use property development is owned by major shareholder Atterbury, and partners the Richmond Park Communal Property Association (CPA), Qubic 3 Dimensional Property and Bethel Property.

While Atterbury is the major shareholder, the company is undertaking this development in Cape Town in association with local partners the Richmond Park Communal Property Association (CPA), Bethel Property and Qubic 3 Dimensional Property

One of the largest property developments in Cape Town, Richmond Park’s 300,000sqm of greenfields development rights are on an 84ha site that is part of the milestone land restitution settlement.

Also read: Pretoria to get Multi-billion rand Property Development

According to developer, the land is owned by the Richmond Park Community who were forcibly removed from it between 1972 and 1984. In 2014, the land transferred back to the Community, some 401 families representing 5,300 people spanning five generations. The Richmond Park Community leased the land to the Richmond Park Development Company and has a 25% shareholding in the development company.

Job creation is just one of the ways the Richmond Park community will benefit. Over the next five to 10 years, during its construction, the development should create some 15,000 jobs.

Atterbury is part-owned by capital-growth focused listed property fund Attacq. Historically Atterbury developed assets that Attacq then brought into its investment portfolio.

Also read: Kwazulu-Natal’s Cornubia attracts Property Investors

Meanwhile in Gauteng, Insurance magnate Douw Steyn and long-time developer friend Giuseppe Plumari’s ambitious R6.5bn bet on turning what was once a sprawiling informal settlement into an upmarket 'live, work and play' lifestyle estate, appears to be paying off.

Steyn City, sandwiched between swanky Dainfern and low-income Diepsloot in Johannesburg north, is rapidly taking shape – with the developers now forging ahead with the second phase.

Since launching a year ago, in March 2015, Steyn City has achieved sales of more than ZAR1.5 billion for its sectional title apartments, clusters, freehold homes and stands.

Added to this, homes have already appreciated significantly in value: properties are now fetching as much as 20%-30% more than they did at launch date a year ago.

Currently one-bedroom apartments were now selling for R1.9m, the two-bedroom apartments for R2.7m and the three-bedroom apartments for R3.8m. Cluster homes, which were mainly 350 square metre four-bedroom units that were priced at launch at between R6.2m and R8.4m, had all been sold.

The estate has also lured a number of high-profile buyers, which includes Graca Machel, widow of former president Nelson Mandela, and a member of anti-apartheid activist Steve Biko’s family.

Steyn, the billionaire founder of Auto & General, is of course also a resident of Steyn City. His lavish Tuscan mansion, named Palazzo Steyn, was completed in early 2014 at a cost of R250m, which at the time was believed to be the most expensive house ever built in SA. The value of Palazzo Steyn even pipped that of Jacob Zuma’s Nkandla.

Read more on:

Cape Town Property Market  |  Atterbury Property Group  |  Milnerton  |  Waterfall City  |  Steyn City  |  Douw Steyn  |  Giuseppe Plumari  |  Attacq Limited  |  Nkandla  |  Richmond Park  |  Gerrit van den Berg  |  Graca Machel
Mon Tresor Business Gateway

  • Email to a friend Email to a friend
  • Print version Print version

Newsletter


Please enter your e-mail address below and click 'Subscribe'.