Cape Town Mayor Approves R3.9 Billion Expansion to V&A Waterfront

Cape Town Mayor Approves R3.9 Billion Expansion to V&A Waterfront

- The V&A Waterfront in Cape Town has been granted a R3.9 billion expansion by city Mayor Dan Plato

- The expansion will assist with both job creation and economic recovery in terms of the effects of the Covid-19 pandemic

- Plato revealed that the expansion is set to create a minimum of 1 100 jobs during its development phase

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V&A Waterfront’s Canal District in Cape Town has been granted a R3.9 billion expansion by Mayor Dan Plato.

Plato emphasised that the expansion will not only aid in economic recovery and job creation, as the expansion permitted by the mayor is set to create a minimum of 1 100 jobs during the development phase and also represents a key point within the city.

The 10.5-hectare canal district includes expansion projects on either side of Dock Road and surrounding the existing Battery Park Development.

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Cape Town Mayor x approves expansion for V&A Waterfront
Cape Town Mayor Dan Plato has approved a R3.9 billion expansion at the V&A Waterfront. Image: Patrick Ward/Popperfoto
Source: Getty Images

Plato stated that the national lockdown has had a drastic impact on various cities across the globe since last year and that the City of Cape Town is committed to ensuring it does all it can to bring its local economy back even stronger.

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According to News24, Plato confirmed that the district offers the initial point of contact for tourists entering the V&A Waterfront from the city and acts as a natural link between the CBD and Dock Road in the Waterfront.

Following reports by BusinessTech, Plato confirmed that certain areas will have a building height restriction of 60 metres. Plato continued by saying that the V&A Waterfront is a location that will 'remain' appealing to both local and international visitors.

Previously, Briefly News reported that approximately R2.7 billion of the R10.5 billion is set to be given to subsidiaries of South African Airways (SAA) in a step to set in motion its business rescue plan.

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SAA subsidiaries to receive share of R2.7 billion from business rescue plan

SAA subsidiaries Mango, SAAT and Air Chefs have so far been neglected despite SAA being under business rescue since December 2019 as these subsidiaries were not included in the rescue plan. This consequently resulted in SAA business rescue practitioners not being legally able to allocate a portion of the post-commencement finance to the subsidiaries.

On Tuesday, a special Appropriation Bill headed by the Minister of Finance Tito Mboweni was tabled. This resulted in the funding being divided among SAA Technical (SAAT), Mango Airlines and Air Chefs with SAA Technical (SAAT) set to receive R1.663 billion, Mango Airlines R819 million, and Air Chefs R218 million.

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Source: Briefly.co.za

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