Summary:
- Heriot REIT has commenced construction of The Fibonacci, a nine-storey student accommodation development near UCT, Damelin, and CPUT in Cape Town, offering 574 units with integrated amenities including retail, co-working spaces, parking, gym, rooftop terrace, and padel courts.
- The project is located within the Urban Development Zone, providing qualifying investors access to the Section 13(6) tax incentive, and aims to address the region’s critical student housing shortage while supporting local economic growth and community revitalisation.
- Proper Living will manage student rentals and operations on-site, with an on-site property manager appointed for maintenance, security, and student support; a limited release of apartments sold out at R1.95 million, while 400 units remain in Heriot’s rental portfolio.
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