The revival of Cape Town’s inner city is surging ahead with the development of a R148-billion apartment complex by Johannesburg development and investment company Edge Properties.

Group Five is due to begin construction of the 84-unit harbouredge on November 1, this year and occupation is scheduled for the end of 2004.

The building will take shape at the intersection of Buitengracht Street and the Western Boulevard, just outside the V & A Waterfront and across the way from the Cape Town International Convention Centre (CTICC). Ian Slot, MD of Seeff Cape Town’s Atlantic seaboard and city bowl offices, which is marketing the development, says it will be the closest residential development to the CTICC.

This area is also set to receive billions of rand in development funding for the canal and developments alongside it.

Propnet has chosen the first four projects, with a total value of R405-million, to be built on the banks of the Roggebaai Canal on Cape Town’s foreshore.

The Roggebaai Canal precinct project, which will have a total of ten residential, business, retail, tourist and entertainment projects, will be built in three phases and have a construction duration of five years.

"Clearly, property prices in Cape Town remain competitive, in world terms," says Slot.

Once again the Irish are taking a keen interest in Cape Town and 60 of harbouredge’s apartments have been sold by Seeff to Irish buyers and investors.

"According to the Residential Price Property Ranger, which excludes any sales not done through estate agencies, foreign buyers are spending about R200-million a month on residential property in the Western Cape; 50% to 55% of these buyers are from the UK," says Slot.

The architect of harbouredge is dhk Architects and the other partners are Investec Private Bank and attorneys Bernadt Vukic Potash & Getz.

The multidisciplinary firm dhk Architects is responsible for many of Cape Town landmarks, including the award-winning BMW Pavilion, the Victoria Junction Hotel and residential complex, which initiated urban regeneration in the area, as well as De Waterkant and Hill House, and the restoration of some of its oldest, including the Mount Nelson Hotel. Harbouredge has several designs and apartment sizes to choose from. Prices vary between R1,1-million for a studio apartment, to between R1,995-million and R2,3-million for a two-bedroom apartment, to R6-million for the penthouse.

The studio apartments comprise either 45m" with a 20m" terrace or 45m" with a 7m" balcony. The two-bedroom apartments comprise either 87m" with a 17m" balcony or 163m" with a 38m" balcony.

All studio apartments will include one under-cover parking bay and the two-bedroom apartments two under-cover parking bays, while additional parking is available for sale.

The development will also have a homeware store, a restaurant and a deli