Cape Town to Invest $1.26 Billion in Oceanfront Development
The V&A Waterfront in Cape Town, South Africa, has unveiled plans for a major R24 billion (USD $1.26 billion) redevelopment of its last remaining undeveloped area, Granger Bay. Announced by CEO David Green during a briefing with Tourism Minister Patricia de Lille ahead of the G20 Tourism Investment Summit, the project will span 15 to 20 years and aims to transform the Atlantic-facing precinct into a sustainable public and residential waterfront district.
The development will include a sheltered bay created with new breakwaters, along with marine education centres, tidal pools, pedestrian walkways, and facilities for boating, snorkelling and kayaking. Surrounding infrastructure will feature hotels, serviced apartments, retail outlets and office space. Positioned at the edge of Cape Town’s central city, the V&A Waterfront—owned by Growthpoint Properties and South Africa’s Government Employees Pension Fund—is one of Africa’s most visited destinations. The Granger Bay project will follow a regenerative sustainability model, aiming to generate more natural resources than it consumes while fostering tourism, employment, and urban liveability.
Source: IOL News
