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Cape Town Waterfront Gets $1B

CAPE TOWN-The new owners of the V&A Waterfront in Cape Town are planning a showcase of the Football World Cup.

By Anita Howarth | Updated on October 31, 2006

CAPE TOWN-Dubai World and London & Regional Properties, the consortium that bought the V&A Waterfront in Cape Town, plan to invest $1 billion in it over the next four years. The consortium has outlined a three-stage development strategy that will see improvements to the Waterfront starting immediately.

The first stage, over the next six months, will see landscaping, additional parking, commercial facilities and improvements to pedestrian access. The second stage, over the next three years, is geared to ensure that the V&A Waterfront is one of the highlights of the World Cup 2010, with the development of new hotels and resorts; the creation of promenades and entertainment areas; and the construction of marinas, new shopping developments and apartments and offices. The third stage will see the development of new facilities to consolidate V&A Waterfront’s status as a leading global resort, with potential elements including a new yacht club and further marina development, a cruise-ship terminal, a train station and improved connections to the airport.

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