Ground officially broken on The Fibonacci: Heriot REIT launches construction of new student accommodation development in Cape Town
Cape Town continues to face a pronounced student housing shortage. Published sector data shows that the central city offers roughly 13 670 beds while serving a combined student population of almost 75 000, leaving a considerable shortfall. Against this backdrop, Heriot REIT Limited, celebrated a significant milestone with a sod-turning ceremony marking the beginning of the construction phase of its new student accommodation development, The Fibonacci, in Mowbray, Cape Town. The project driven by the experienced Heriot REIT development team: Steven Herring, Grant Elliott, and Daryl Sher, responds directly to the city’s growing demand for quality, accessible student housing, particularly for students attending the University of Cape Town (UCT) and neighbouring institutions.
Located just 1.5 km from UCT and within close reach of Damelin and CPUT, the development offers strong connectivity for students. The Fibonacci sits along the well-used Jammie Shuttle UCT bus route and is within walking distance of the local Metrorail station, making it a convenient and accessible residence for students moving around the city.
Once complete, the nine-storey development will provide 574 contemporary student residential units, supported by an integrated lifestyle offering that includes ground-floor retail, co-working spaces, parking, a gym, rooftop terrace and padel courts. A Shoprite Checkers store will anchor the retail component, ensuring a convenient on-site amenity for residents and strengthening the development’s standing within the Mowbray neighbourhood. A limited number of apartments for sale launched at R1.195 million.
The Fibonacci falls within an Urban Development Zone (UDZ), giving qualifying investors access to the Section 13(6) tax incentive — a factor that has further enhanced the commercial appeal. Sales and investor engagements have been driven by Flyt Property Investments and Revo Property Group.
According to Darryn van der Poel of Flyt Property Investments, the joint marketing agent alongside Revo Property Group, “Demand has exceeded expectations.” “Of the allocation released to market, we are already 100% sold out. The investment case speaks for itself, with both rental demand and rental growth remaining consistently strong.”
The balance of the units, 400 in total, will remain within the Heriot investment portfolio as rental stock.
Speaking at the site inauguration, the City of Cape Town’s Mayoral Committee Member for Economic Growth, Alderman James Vos, highlighted the importance of private-sector collaboration: “Cape Town is buzzing with investor confidence, and it’s wonderful to see private-sector partners driving exciting developments like The Fibonacci. These projects show the real momentum in our city. As the City of Cape Town, we’re backing this investment wave all the way through our Ease of Doing Business programme and dedicated support services, because when developments like this take root, they create jobs, boost local businesses, and help our economy thrive.”
Grant Elliott, who leads the project for Heriot REIT, emphasised both the long-term vision and local impact of the development: “Reaching this milestone is the culmination of a decade of planning, commitment and collaboration. It is particularly meaningful to see the impact this project will have — not only in supporting the Cape Town and Western Cape economies, but also in contributing positively to the surrounding community and neighbourhood.” Elliot added that The Fibonacci reflects Heriot REIT’s commitment to delivering high-quality residential solutions while contributing to broader urban upliftment: “Our focus has always been on creating well-located, well-integrated developments that add lasting value. The Fibonacci will not only house students — it will support local commerce, revitalise an important node, and help address a critical accommodation shortfall in the region.”
The management of the student rental, operations and resident-community experience will be overseen by Proper Living, a specialist in student accommodation and community-centred property management in Cape Town. An on-site property manager will also be appointed to oversee maintenance, access and security as well as student support services within the building.
Local ward councillor Yusuf Mohamed, who also attended the groundbreaking ceremony, said that the neighbourhood had long awaited a development of this scale: “The community has been waiting for this progress and the upliftment it will bring. The Fibonacci represents positive momentum for Mowbray and the broader area.”
Construction is scheduled to commence in January 2026, with completion targeted for late 2027.
