Waterfront
will become an 'African Riviera'
The landscape of the Victoria & Alfred Waterfront is to be
transformed into a "magnificent African Riviera" if local authorities approve
a UK property company and Dubai investment house's bid to buy it, company
representatives and members of government say.
The Waterfront will continue as a mixed-use development, but its focus will
shift to being a "leading international resort destination and shopping
and leisure experience", according to James Wilson, representative of the
largest shareholder in the consortium, private property company London and
Regional, and chief executive of one of the hotel and resort chains in the
Dubai group.
The average hotel stay at the Waterfront was two to three days. This needed
to be extended to seven days.
Although Dubai-based Istithmar had a quarter-percent stake in the consortium,
the skyscraper approach would not be applied here, Wilson said.
A promotional video for Wilson's company featured a soft focus montage of
feats of engineering and architecture rising from desert islands, but he
emphasised that quality building in the Waterfront was in the existing "low-density"
development. The "pizzazz" would be provided by leading global luxury brands
expected to take residence in the yet-to-be-developed 45 percent of the
property's footprint, such as the Ritz Carlton and Four Seasons hotel groups,
and fashion houses Dolce & Gabbana and Gucci.
Premier Ebrahim Rasool described the Waterfront as the "honey pot" responsible
for much of the local gross domestic product.
The R7-billion cash purchase of the V&A was a "signal" to the world that
there was a stable investment climate in South Africa.
Compliments of The Cape Times |
