More cautious they may be – and who can blame them, given the global financial mayhem of the past year – but local and international investors continue to pump millions of rand into Cape Town’s inner city developments. Andrew Boraine, chief executive of the Cape Town Partnership, says the recession (now also official in Britain) has made developers more circumspect, but they are not pulling back. He attributes the initial momentum for inner city development to the private sector but says the economic crisis has made it more cautious, the public sector picking up much of the development opportunities instead. “There is no sense of a crisis,” says Boraine, adding there is no indication that development is slacking in the central city. Four new hotels are opening in time for the 2010 World Soccer Cup, including Sol Kerzner’s ultra-luxury creation in the Victoria and Alfred Waterfront, while another four hotels are to be completed after the event. Celebrating its tenth anniversary, the Cape Town Partnership helped facilitate more than R1 billion of new investment in 2008. The city’s 842 000m2 of office space is running at a 96% occupancy, with no significant increase in vacancies, a spokesman said.
CT continues to attract foreign investors – despite recession
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