INDUSTRY EXPERTS
INDUSTRY EXPERTS
SPOTLIGHT ON AMDEC GROUP
Founded in 1989, Amdec Group has developed a reputation for driving sustainability in its South African New Urban developments, which has made these developments highly sought after by local and foreign investors. With a portfolio of work that includes the Evergreen Lifestyle retirement villages, Westbrook in the Eastern Cape, the redevelopment of urban areas and several commercial spaces,
Amdec Group already holds a number of enviable accolades. Now in a high-profile partnership with Marriott International, Amdec Group is currently primarily focused on developments in the major urban centres of Johannesburg and Cape Town.
The relationship with Marriott originated when Amdec acquired Melrose Arch in 2005. The hotel operator for the precinct was Protea’ s African Pride, followed by a second Protea hotel, Fire & Ice. This meant that there was an existing relationship with Protea before Marriott acquired the group. The relationship was thus formed on the basis of existing hotels and has been reinforced by the prospect of new hotels.
Amdec Group’ s pipeline of work for now is firmly focused on two developments under way in Cape Town, The Yacht Club and Harbour Arch, with a combined value of more than R3 billion.
Harbour Arch, in Cape Town’ s Culemborg node, has been designed as a pedestrian zone with slightly less commercial space than Melrose Arch in Johannesburg. As there is a lower demand for commercial space in Cape Town, Harbour Arch will place greater emphasis on pedestrianised residential, retail and leisure space. The Yacht Club, in the heart of Cape Town’ s Waterfront, has 170 residential opportunities, with approximately 90 % already sold off-plan. Harbour Arch and The Yacht Club are in different locations and aimed at different target markets, which ensures they won’ t compete directly with each other.
As for the value of Amdec Group’ s developments, Stopforth emphasises the benefits for all parties involved.“ When we initially launched The Yacht Club, investors could buy property in Harbour Bridge for R24 000 per square metre, so buyers have already made significant returns on their investments. But that’ s property development: you come in and gentrify an area – you improve it so everyone benefits. And that’ s what we’ re doing in Melrose Arch as well, where we have the capacity. We’ re looking to expand the borders onto Corlett Drive and gentrify the area in its entirety.”
IN THE PIPELINE
Looking to the future, Harbour Arch promises to keep Amdec Group with a full pipeline of opportunities in the foreseeable future, and then The Yacht Club should reach its completion date over the next two years. The additional developments planned for Melrose Arch are already halfway completed as well. Amdec Group has also hinted at the possibility of new opportunities in KwaZulu-Natal, so keep a lookout for an exciting prospective development in Durban.