Tower Property Fund’s residential conversion gathers pace
The conversion of part of the Cape Quarter in the De Waterkant retail development to 70 apartments will attract the highest prices in Cape Town, it says
Tower Property Fund, the SA- and Croatia-focused real estate investment trust, has now entered the residential market with the conversion of two retail buildings. It joins other property companies that are selling or repurposing older A- and B-grade offices and retail centres as residential developments. This is aimed at supporting income growth, which has come under pressure for many real estate counters amid weak economic conditions. Tower is well under way to converting part of its Cape Quarter in De Waterkant retail development to 70 apartments, which it says will attract the highest prices in Cape Town. It has completed the first phase, having built 16 apartments on Napier Street, and is now working on the second phase, which will add 54 apartments to the adjacent Cape Quarter Piazza building. The first 16 apartments sold well, which prompted the group to continue with the second phase of the conversion. "De Waterkant is attracting the highest residential sales prices right now...
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