Harbour Arch

Harbour Arch, an environmentally friendly development, is based on Amdec’s very successful Melrose Arch in Johannesburg, and is a large-scale mixed-use precinct, the first of its kind in Cape Town’s CBD. The precinct consists of six tower blocks comprising residential units, commercial and retail space, as well as two Marriott hotels.

Tower 1 constructions will commence in the 4th quarter of 2018 with completion expected at the end of 2020. Tower 1 will consist of 432 apartments and over 1000 parking bays will be available. 

Should requirements include short term rentals, this will be managed by the Marriott rental pool and leases longer than 6 months can be privately managed. 

The structure of the scheme is as follows:

- 1 level basement parking

- ground floor retail which will consist of motor dealerships

- 7 levels of above-ground parking

- 8th floor retail podium with shops and anchor tenants. This level will have restaurants, cafes, theatres and a large Central Park to breathe fresh air into the CBD.

- 9th floor comprising commercial and office space

- the residential component starts on floor 10 and extends to floor 23.

Amdec is currently promoting an investor campaign in terms of which floors 10 to 14 of the first residential tower block, being No. 1 Harbour Arch, is released to investors at discounted rates. Most of the units on these floors are bundled in investor packages of 5 units on a vertical basis per package, and pricing starts at around R48,000.00/m2. For example, a package 3 investment would translate as purchasing apartment 3 on all 5 floors, being 1003, 1103, 1203, 1303 and 1403.

Amdec has also released the units on floors 15 to 23 for individual purchase, which comprises studio, 1-, 2- and 3-bedroom apartments. 

In order to secure a unit, Amdec requires a signed sale agreement together with a deposit payment.

There are two options:

10% cash deposit payable within 5 days of signature by the purchaser, to be invested by Amdec’s conveyancers in an interest-bearing account. The balance of the purchase price must be secured within 30 days of signature by the seller, by way of mortgage bond approval, cash or bank guarantee;

25% non-refundable cash deposit to be invested in a long-term fixed account by Amdec’s conveyancers, interest to accrue for the purchaser’s benefit. The balance of the purchase price must be secured 90 days prior to occupation (end 2020), by way of cash or bank guarantee. With this option, the purchaser’s funds will be invested at FNB’s top interest rate of the day which fluctuates daily,e but has been around 7,5%. Please note that Amdec does not have control over the interest rate offered on a particular day.

With respect to return on investment, please refer to Amdec’s other development in Cape Town, The Yacht Club, which is currently sold out.

The Yacht Club commenced selling in December 2015 at the rate of R48,000/m². The development was sold out in January 2017 at R72,000/m². In just one year, The Yacht Club achieved 50% capital growth, which, on a 10% deposit, translates to a 500% return on equity. The same type of growth at Harbour Arch is expected.

Demand for apartments at Harbour Arch has been high and steady. 

The development is focused on both tourism and working professionals. The first residential tower offers 432 apartments, with the target market being young working professionals and post-graduate students who seek to live in the precinct for the lifestyle and convenience it offers. The precinct will also create a new tourist hub with its large Central Park, shops and restaurants.

It will ultimately become the new vibey alternative to the Waterfront - a safe secure precinct in which to live, work and play. The catch phrase for it is ‘new urbanism’ with a feel that is similar to Darling Harbour in Sydney, Canary Wharf in London and The Battersea Power Station redevelopment in London.

When complete it will offer around 2 500 residential apartments, including the hotel component.