Reports indicate that the ambitious mixed-use project known as The Fynbos, located at 142 Bree Street in Cape Town, has been cancelled, leaving investors and future residents in a state of uncertainty.
Announcing the change to investors on May 13, 2025, the original developer, Lurra Capital, highlighted the challenges posed by evolving market conditions and strategic realignment as the main contributors to the decision.
As part of the transition, new developer Tricolt will be taking the reins to redefine the project. Tricolt, known for its luxury developments, such as The Olympus in Sandton, aims to breathe new life into The Fynbos, which was heralded as a pioneering green initiative in Africa, as reported by Ash Muller on linkedin.
Purchasers affected by this cancellation have been assured that all previous sales agreements are rendered null and void, with refunds of their deposits including interest on the way. Demonstrating a commitment to stakeholders, Tricolt has also pledged to cover the first year's levies for investors willing to re-engage with the new plans.
As it stands, details surrounding the updated layouts and pricing remain under wraps. The new designs are anticipated to come with a higher price tag, with the reassessment currently in the planning stage. No confirmed floor plans, specifications, or amenities are available yet, although insights are expected within the next four to six months, Ash Muller on linkedin reported.
