DEVELOPMENT
Abland and Tiber’s R3bn project to lure residents to Sandton
Abland and Tiber will build a R3bn multi-use development in Sandton, as they look to attract people living on the outskirts of the richest commercial hub in Africa. Sandton City and its surrounding areas are undergoing redevelopment on a scale not seen since the beginning of the 21st century. This has created a need for more residential development and for small offices tailored for professionals. Large offices — such as those that serve Discovery and Sasol — have come online and The Capital Hotel group has added numerous buildings to the upmarket Sandton area. Sandton Gate will be a three-phase development, which will be completed by the end of 2025, depending on market demand. It is expected that by the time the first two stages are complete, the office market will have turned around and vacancies will not be as high as they are. Vacancy rate The national office vacancy rate was recorded at 11.5% at the end of the first quarter of 2018, according to the South African Property Owne...
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