Shame, Developers Scrapped That R1.2 Billion ‘Biophilic’ Fynbos Project In Cape Town

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13-06-2025
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2 Oceans Vibe News
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What was meant to be Cape Town’s leafy architectural showpiece has been uprooted, and now the soil’s being turned for a totally new vision.

Well, that didn’t go as planned.

The much-hyped Fynbos development in Cape Town’s CBD – pitched as Africa’s first biophilic building (yes, that’s a real word) – has officially flatlined.

BusinessTech reported that the R1.2 billion, 24-storey green dream on Bree Street has been canned, and the reins have been passed over to a new developer.

At full bloom (pun very much intended), The Fynbos was going to show off 689 apartments with bougie extras like a lap pool, rooftop sunset terrace, rooftop gym, plant-based restaurant, and a botanical bar – all dripping in eco-glam.

One of the project’s boldest moves? A 1,200-square-metre vertical garden wrapping around the building like a leafy suit of armour. Indigenous trees and plants were meant to bring a “living, breathing facade” to the concrete jungle of the CBD. Ambitious? Definitely. Realistic? Apparently not.

Units were priced for the upwardly mobile and internationally nostalgic. Studios started at R1.1 million, one-bedrooms brushed the R2 million mark, and two-beds topped out at R4.29 million. Buyers flocked in, with locals, expats, and overseas investors all in the mix.

Then came May 2025, and the music stopped.

Buyers got word that the development wasn’t happening. Just like that. Lurra Capital, the original developers, blamed “shifting market conditions” and a “change in strategic direction.” In other words, it wasn’t working, so they bailed.

Enter Tricolt, the Johannesburg-based development heavyweight now tasked with salvaging the site and building something new, from scratch.

Every sales agreement signed under Lurra has been scrapped. Refunds are on the table, deposits returned (with interest, thankfully). And for those brave enough to give Tricolt another shot, there’s a sweetener: first year’s levies on the house.

But don’t get too excited, there’s no confirmed layout, no price tags, and no design renders to fawn over. Tricolt says updated plans will drop in the next four to six months. In the meantime, the only thing completed is the underground excavation and lateral support – the real construction is a 2026 story, pending municipal thumbs-up and fresh contractors.

Not everyone’s sticking around to see how this reboot plays out. EasyProperties, who were cheerleading The Fynbos like it was the next best thing since avocado toast, have taken a cautious step back.

In a frank statement, they pulled no punches about the uncertainty: “Rather than remain committed to an undefined outcome which may not be favourable to our shareholders, it is more prudent to request a refund,” it said.

They added that they would reassess the opportunity once the developers release all the information.
Fair enough. When you sell a slick, modern vertical forest in the heart of the city and end up with a construction site and vague promises, it’s smart to call time.

EasyProperties also used the moment to drop a little property wisdom: “While off-plan property remains a powerful avenue for wealth creation in real estate, experiences like this highlight the importance of safeguarding and prioritising investor interests.”

Despite the mess, there’s a glimmer of hope. Tricolt, the new kid on this particular block, isn’t exactly a rookie. Since 2010, they’ve delivered over 5,000 homes with a total value north of R16 billion. They’ve got R5 billion worth of projects currently under construction, including The Olympus in Sandton — a 510-unit beast carrying a R2 billion price tag.

So yes, they’ve got the chops. But turning the ghost of The Fynbos into something worth shouting about? That’s the real test. The address at 142 Bree Street still holds promise — now it’s a question of whether the reboot can outshine the original vision.