Fibonacci breaks ground in Mowbray: A new student living landmark for Cape Town

• The Fibonacci development in Mowbray breaks ground, delivering over 630 student beds with units up for sale have been sold out
• Heriot REIT’s 27-year team brings proven expertise in mixed-use, student-housing, and large-scale property projects.
• City of Cape Town fast-tracks investment-ready land and simplified approvals to stimulate major developments and ease student housing shortfall.

Cape Town’s development engine is running hot and this week it moved up another gear as The Fibonacci, a major new student accommodation development in Mowbray, officially broke ground. The ceremony was led by Alderman James Vos, the City of Cape Town’s Mayoral Committee Member for Economic Growth and Tourism, who praised both the timing and the strategic value of the project.

Standing on-site alongside the developers and community stakeholders, Vos struck an upbeat tone: with more developments approved in 2025 than any previous year, and a strong pipeline already queued for early 2026, he said the city is determined to fast-track high-impact projects that address real demand.

Solving a Critical Student Housing Shortage

‍Mowbray, Rondebosch and Observatory have experienced a sharp shortage of accredited student beds — a deficit of more than 2,000 beds by the City’s own assessments. Vos noted that Fibonacci “ticks all the boxes” for a purpose-built solution that blends proximity, safety, transit access and long-term sustainability.

Proven Development Team with deep Cape Town Credentials

‍The project is being driven by the highly experienced Heriot REIT Limited development team: Steven Herring, Grant Elliott, and Daryl Sher.

With a 27-year track record across South Africa, Heriot’s team has delivered retail, industrial, commercial, residential, hospitality and specialised assets at scale. Their recent redevelopment of One Thibault, now one of Cape Town’s best-located mixed-use icons stands as a benchmark for quality and execution.

Backed by years of performance and a growing multi-billion-rand portfolio, Heriot continues to accelerate strategic developments that uplift precincts and attract new investment.

Fibonacci: A Student Lifestyle Ecosystem, not just a building

‍Designed around well-being, community and productivity, The Fibonacci delivers far more than beds. The development offers:

• wellness-focused communal zones
• collaborative study and social spaces
• secure landscaped outdoor areas
• essential on-site retail and services
• modern, fully equipped student units

Every interior and exterior space has been curated to encourage balance, belonging and growth - helping students thrive in an environment that supports both academic and personal success.

Why Buying off-plan at Fibonacci makes financial sense

‍Investors and parents purchasing for their children can unlock major savings:

• No transfer duty saving around R150,000 on a R3 million equivalent purchase
• New-build guarantees and warranties
• Modern, energy-efficient designs that reduce long-term costs
• Higher rental demand and lower vacancy risk in a chronically undersupplied node

Buying off-plan at Fibonacci offers strong long-term value in a precinct where student demand has consistently outpaced supply.

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Key Comments From Alderman James Vos

The following translated highlights from Vos’s remarks were shared during the Fibonacci groundbreaking:

1. Making City Land More Accessible for Development

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“We need to make it as easy and accessible as possible for private developers to obtain city land for mixed-use projects. In the coming days we’ll be releasing a full list of sites — centrally located, high-value parcels that are ready for investment.”

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2. Unlocking Maximum Land-Use Rights

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“We’re packaging brownfield and greenfield sites with maximum land-use rights pre-approved, so developers don’t get stuck. Investors will be able to go full-scope: events, hospitality, lifestyle living, retail, commercial.”

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3. Investor Packs to Speed Up Decisions

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“To support faster investment, we’ve created downloadable investor packs with zoning, site extent and development parameters. We want developers to see immediately what’s possible.”

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4. A Massive Wave of City Projects Coming to Market

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“Last week at the Investment Summit we showcased a R50-billion deal book of projects across aviation, food processing, manufacturing and property. Cape Town is attracting enormous private-sector interest.”

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5. Urgent Need for Student Housing

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“We are running out of student accommodation. Cape Town is a top study destination, but we don’t have enough beds. Projects like Fibonacci are essential and we must work closely with developers to accelerate them.”

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6. Ease-of-Doing-Business: No More Getting Stuck in the System

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“My department tracks every major development over R50 million on a real-time dashboard -  building plans, business licensing, heritage approvals, wayleave applications. If a project gets stuck, we intervene. Cape Town must be the easiest place in South Africa to do business.”

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7. A Pipeline of Prime City Land Coming in February

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“We’re taking around 50–55 city land parcels and assets to auction in late February, a hybrid live and virtual event. Sites range from Mitchells Plain to Durbanville, Sea Point and the CBD, including major opportunities around the Convention Centre.”

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8. New Hotel & Mixed-Use Opportunities

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“We need more hotel capacity. Several prime parcels will be zoned for mixed-use hospitality with flexible design options - residential, lifestyle living, retail or call-centre floors.”

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9. City Commitment to Developers

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“If there’s anything we can do to make the process easier -  planning, approvals, investment facilitation, please tell us. The city is fully committed to partnering with the private sector.”

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A Development That Signals Momentum

‍The Fibonacci groundbreaking marks more than the start of construction, it signals confidence in Cape Town’s forward momentum, fuelled by active city-private-sector collaboration and a sharp focus on high-impact, investment-ready developments.

Two years from now, when the ribbon is cut, the city will not only have a new student living landmark, it will have unlocked fresh energy along a key academic corridor and helped shape the next chapter of innovation and inclusion in Cape Town’s property landscape.

Visit https://www.thefibonacci.co.za/
FOR MORE INFO email Darryn van der Poel darryn@flytproperty.co.za  cell +27 83 258 6316
or Email  Mathew Williams mattmc@revo.co.za or tel +27 21-205-3772

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