JSE-listed Anbeeco plans to transfer its listing to AltX and grow its asset base to become a “fully diversified property company”.

Anbeeco said yesterday it had acquired property company A Million Up Investments 105, owner of a Cape Town property to be redeveloped into a R420m mixed-use development including a five-star hotel, penthouse suites and high-street retail.

The company said it had “identified property as an ideal growth opportunity, looking to take advantage of this industry’s massive potential and the opportunities presented by the exponential growth in tourism”.

Anbeeco would undergo a name change to Quantum Property Group. Its board would include Gary Itzikowitz and Chaim Cohen, who have property industry experience.

Cohen is MD of Newcity Group, which would be building the mixed-use development. The group, which developed the R400m The Emperor luxury development in Sandton, said recently the new development, called 15 on Orange, situated on the corner of Grey’s Pass and Orange Street, would be its first development in Cape Town.

Newcity said the five-star hotel component would be the “flagship of hotel development in Cape Town”.

The hotel would consist of 130 luxury hotel suites, 12 penthouse apartments, a spa and wellness centre. It would cater for permanent residents, as was common in New York and London.

The group said the 12 penthouses would cater for “residents who like to live in a five-star hotel environment”.

It would be aimed at “high net-worth individuals and corporates. It will operate as a full five-star hotel and have a residential component that will benefit from the 24-7 hotel facilities.”

The group said investments started at R2,4m for hotel suites and went up to R18m for penthouse apartments.

“We are launching with a prime property, and intend to keep quality the critical component in this boutique property development and investment company,” said Anbeeco CEO Itzikowitz.