R5bn for CT CBD property developments

Part of the upgrades include residential developments and new hotels in Bree Street.

FILE: Table Mountain in Cape Town. Picture: AFP.

CAPE TOWN - The Cape Town skyline is rapidly evolving as investors are to pump in more than R5 billion in CBD property developments.

Part of the upgrades include residential developments in Loop Street and new hotels at the site of the old Tulip Hotel in Bree Street.

Cape Town Central City Improvement District (CCID) Rob Kane says the city has also seen a marked influx in young professionals to the CBD and they are willing to folk out high prices for reduced living spaces.

Development is not confined to the City Bowl only and areas such as Bellville and Woodstock have also caught developers' eyes.

Kane says the roll-out of improved transportation networks connects the CBD with other areas, encouraging inclusivity and synergy.