PROPERTY INVESTMENT: Big city life lures foreigners
While bigger is better in retail and Cape Town still on the up
Big city life lures foreigners Owning a pied-à-terre in Cape Town’s City Bowl is in vogue with foreign investors, judging by the rapid take-up of residential units by offshore buyers in what is soon to be the Mother City’s tallest building. More than 90% of the 44-storey Zero-2-One Tower, a R1.5bn mixed-use development in the CBD, has been sold off-plan, with more than a third going to international investors, says Stuart Chait, executive chairman of the developer, Land Equity Group. "Foreign investors are mostly from the UK, Switzerland, Germany, the Netherlands, France and Italy." Chait says offshore investors are drawn to mixed-use developments as they are "alive" all day and provide a "live, work and play" lifestyle in a secure environment. Construction on the building is set to start next month. Chait says a number of millennials are buying apartments in the City Bowl with the intention of spending half the year in Cape Town and the other half in Europe. "A lot of them are cash...
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