A prime location redevelopment project in Cape Town's central business district is accelerating its implementation. With a total investment of approximately 1.2 billion rand, the project plans to convert an existing 24-story, 110-meter-tall office building into rental apartments. After the renovation, the building will add over 400 residential units, including various layouts such as studios, one-bedroom, and two-bedroom apartments.

The residential redevelopment project will also construct a public garden of about 6,000 square meters and be equipped with lifestyle club facilities. The next phase of the renovation will focus on enhancing the retail environment and surrounding public spaces, with the goal of creating a retail area operating 18 hours a day to serve local residents and the broader urban community. The entire renovation project is expected to be completed next year.

In recent years, urban construction and development around this area have progressed rapidly, including the construction of a student accommodation village with 3,000 units above Cape Town Railway Station. Last year, Growthpoint Properties sold the prime location asset for 781 million rand, which included retail and office space as well as parking. The project is currently led by Putirex.

Putirex stated that this rental housing project aims to provide working professionals with a reasonable option to live in the city center, thereby alleviating commuting pressure. During a recent inspection, Cape Town Mayor Geordin Hill-Lewis noted that such projects play a positive role in promoting urban development, fostering a better jobs-housing balance, and improving the public environment.