The Absa and the Amdec Group project will also create future retail and hospitality jobs
A partnership between Absa and the Amdec Group to develop the first tower of the Harbour Arch project on the Foreshore in Cape Town, will potentially create 20,000 job opportunities in the building sector.
Amdec chief executive James Wilson said that in the longer term, the project will create many more employment opportunities in the precinct’s retail, hotel and hospitality sectors.
Absa and Amdec issued a joint statement on 30 March stating that as a long-time partner to Amdec, Absa has provided a loan of R1.43 billion, in addition to an existing facility of R210 billion to complete the project.
“This is one of the largest deals the Absa Commercial Property Finance division has done in recent years. The construction of Harbour Arch Tower One – which includes parking, street-level retail, an eighth-floor lifestyle podium lined with bustling coffee shops, pavement cafes, and restaurants, and 432 luxury apartments – is already underway and is expected to be completed in April 2023,” the statement said.
The announcement came at a time when the local economy has been battered by the fall-out from Covid-19 and resulting lockdowns, which have impacted tourism and seen unemployment in South Africa skyrocket.
“It is our hope that Harbour Arch will help to stimulate the local economy, boost investor confidence, and act as a catalyst for further development of the Foreshore area,” he said. “We are delighted to once again have the support of Absa in helping us to realise our vision for a new real estate landmark in the City of Cape Town,” said Wilson.
