Promoting Cape Towns CTICC

We had a shock when the Cape Town International Conference Center opened in 2003,from day one it had bookings to around 2014 I seem to remember?such is its success that it is set to expand to twice its size in the next year.

A news clipping,a little dated and the expansion was put on hold but its back on track now.

Sep 11, 2007: The further expansion of the Cape Town International Convention Centre (CTICC) is good news for the city, and its benefits may even extend into the property market.

So says Mick Joyce, Pam Golding Properties' (PGP) managing director for the Western Cape metro region, who was responding to the recent news that the provincial government has given the go-ahead for an R800m plan, which will see the CTICC extended on to the site of the old Customs House on the foreshore. Demolition of the existing building is expected to begin soon.

"We have already seen what a major impact the CTICC has had on the Cape Town tourism industry since it opened its doors in June 2003," says Joyce.

"It has hosted over 750 events including more than 300 international conferences, some with over 10,000 delegates. It has attracted thousands of business tourists in the crucial Meetings, Incentives, Conventions and Exhibitions (MICE) market."

"As a result, Cape Town is now ranked 29th in the world as a convention destination by the International Congress and Convention Association and attracts 60% of all convention business in Africa.

"More major conventions are booked into the future, with gatherings of over 10,000 delegates confirmed for 2008, 2009, 2012 and 2014. In short, it has ensured that we are now firmly established on the global business tourism map."

How does this relate to the property market? Joyce points out that the business tourism sector currently contributes some R20bn per year to our gross domestic product (GDP), and creates hundreds of thousands of jobs. The result is more investment in infrastructure, which has positive spin-offs for all other sectors including property.

"What's more, these thousands of visitors who come to Cape Town to attend conferences – many of them bringing their partners with them – are also exposed to the city's scenic beauty pleasant climate. Not only does this convince many of the delegates to return as leisure tourists at a later date, but some may also opt to go a step further and invest in local property."