R1.2 billion development gets green light
By Mikhaila Crowie
12 September 2008
The City of Cape Town has given the go-ahead for a R1.2 billion development on the Foreshore, also known as the Malgas site.
The 3 500m2 property is situated between Hans Strijdom Avenue and Mechau Street along Buitengracht Street with a very prominent and strategic location at the entrance to the city.
The Malgas site was sold to Old Mutual Property Group for over R89 million.
According to Councillor Simon Grindrod, Mayoral Committee Member for Economic, Social Development & Tourism, this will be Cape Town’s single biggest development since the establishment of the Victoria & Alfred Waterfront.
“The announcement of this new development represents an enormous display of confidence in our city, the future of our city and Old Mutual by putting their money where there mouth is.”
Grindrod continued by saying that the development will create an additional benefit for local communities and the city welcomes such projects.
12 September 2008
The City of Cape Town has given the go-ahead for a R1.2 billion development on the Foreshore, also known as the Malgas site.
The 3 500m2 property is situated between Hans Strijdom Avenue and Mechau Street along Buitengracht Street with a very prominent and strategic location at the entrance to the city.
The Malgas site was sold to Old Mutual Property Group for over R89 million.
According to Councillor Simon Grindrod, Mayoral Committee Member for Economic, Social Development & Tourism, this will be Cape Town’s single biggest development since the establishment of the Victoria & Alfred Waterfront.
“The announcement of this new development represents an enormous display of confidence in our city, the future of our city and Old Mutual by putting their money where there mouth is.”
Grindrod continued by saying that the development will create an additional benefit for local communities and the city welcomes such projects.
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