Smart Living, Smart Investment
Modern student residences for the next generation
Student Accommodation from R1.240 million VAT incl.
Buy NowConvenience, Comfort, and Community — All in One Place
The Fibonacci redefines student accommodation in Cape Town, offering thoughtfully crafted spaces to support every aspect of student life. From sleek studio apartments to spacious two-bedroom units, each apartment combines practicality with modern design, making it not only an ideal living space but also an incredible investment opportunity in one of the city’s most sought-after locations, just 1.5km from UCT.
- Stylish curated Studio, 1-Bedroom, and 2-Bedroom Units
- Thoughtfully designed communal spaces featuring co-working spaces, relaxation areas, a pool and an on-site Padel court
- Curated interior, exterior and on-site retail including grocery store and more
- Conveniently situated on four Jammie shuttle routes
- Units priced from R1,240m to R2,340m
- Sales Launch Wednesday 19th February 2025 @ 6pm
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Prime Location: Perfectly Positioned for Study, Work, and Leisure
Fibonacci Cape Town is ideally located near top universities, business hubs, and lifestyle destinations, providing residents with unmatched convenience. Its central position ensures easy access to academic institutions, workplaces, and a range of amenities for a connected and fulfilling lifestyle.
Key Location Highlights- Close to Universities: UCT (1.5 km), Damelin (2 km), CPUT (6 km), UWC (12 km), and more.
- Access to Business Hubs: Cape Town CBD (6 km), Century City (10 km), and Claremont (5 km).
- Excellent Transport Links: Near Mowbray Train Station, bus routes, cycling lanes, and on the UCT Jammy Shuttle route.
- Lifestyle Amenities: Cavendish Square Mall (3 km), cafés, restaurants, and entertainment venues close by.
This central location offers the ideal environment for study, work, and leisure, ensuring residents have everything they need within easy reach.
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The Fibonacci offers world-class amenities designed to support student well-being, community building, and personal growth. Thoughtfully crafted interior and exterior spaces encourage relaxation, social interaction, and productivity, creating an environment where students can truly thrive. From wellness-focused communal areas to essential retail services, every detail has been curated to enhance the student experience.
Sign up & View Price ListInterior Spaces: Designed for comfort, productivity, & relaxation
Curated Retail Spaces: Convenience and community at your doorstep
Studios from R1,240m
- The compound annual growth rate (CAGR) for sectional title properties within 1km of the development is 8.12%.
- Rental trends in the Western Cape are equally promising. Rental prices saw a 9.7% increase in Q2 2024 compared to the previous year, far outpacing the national average of 3.8%.
- Projected Rentals for 2027: Studios from R12,500 per month
- Dedicated on-site property manager and body corporate to be appointed
Urban Development Zone (UDZ) Tax Incentive is a South African government initiative designed to encourage private sector investment in designated urban areas. This incentive is aimed at stimulating development and redevelopment in these areas by offering tax deductions for the construction or improvement of commercial and residential buildings.
When you purchase a property located in a designated Urban Development Zone (UDZ) from a developer, you may be eligible to claim the UDZ tax incentive. This incentive allows you to deduct a portion of the purchase price of the property from your taxable income over several years, reducing your tax liability.
How Does the UDZ Tax Incentive Work for Purchasers?As a purchaser of a UDZ property, you can claim a tax deduction based on the portion of the purchase price that relates to the cost of construction or improvement undertaken by the developer. The incentive is structured as follows:
Deduction Rate:- 20% in the First Year: You can deduct 20% of the eligible portion of the purchase price in the first year.
- 8% per Year for the Next Ten Years: You can deduct an additional 8% of the eligible portion of the purchase price each year for the next ten years.
Let’s assume you purchase a residential apartment in a UDZ from a developer for R2 million. The developer has confirmed that 55% of this purchase price relates to the construction cost of the property. Here’s how the tax deduction would work:
- Purchase Price: R2 million
- Eligible Portion for UDZ Deduction (55% of Purchase Price): R2 million × 55% = R1.1 million
- First Year Deduction (20% of R1.1 million): R1.1 million × 20% = R220,000
- Annual Deduction for the Next Ten Years (8% of R1.1 million): R1.1 million × 8% = R88,000 per year
- Deduction: R220,000
- Taxable Income Reduction: Your taxable income will be reduced by R220,000 in the first year.
- Deduction per Year: R88,000
- Taxable Income Reduction: Each year for the next ten years, your taxable income will be reduced by R88,000.
- Total Deduction: R220,000 (Year 1) + R88,000 × 10 (Years 2-11) = R1.1 million
- Eligibility: The property must be located in a designated UDZ, and the deduction is only applicable to the portion of the purchase price that relates to construction or improvements.
- Time Frame: The deduction is spread over eleven years, with a larger deduction in the first year.
- Recoupment: If you sell the property for an amount greater than or equal to its original cost, the tax deduction may be recouped, meaning you might have to pay tax on the previously deducted amount.
The UDZ tax incentive contains specific requirements that must be met to claim the tax deduction. What is stated above is only provided for general information purposes and should not under any circumstances be relied upon as tax advice as it may not necessarily apply to all situations. You are thus advised to consult a tax advisor to ensure you qualify and to understand how the UDZ incentive applies to your purchase. Should you elect not to do so, we cannot and do not accept any liability in this regard. It should also be noted that the UDZ tax incentive period expires on 31 March 2025. In order to qualify for the deduction, it is a requirement that the building or part thereof must have been brought into use solely for the purposes of the taxpayer’s trade on or before the expiry date. Whilst a further extension of the UDZ tax incentive period is expected, it cannot be and is not guaranteed.
Section 13sex of the Income Tax Act in South Africa is a tax incentive aimed at encouraging the construction or purchase of residential units for rental purposes. This incentive allows property owners to claim a tax deduction on the cost of newly constructed or acquired residential units, provided they meet certain criteria.
What is Section 13sex?Section 13sex provides a tax deduction for property owners who:
- Own at least five residential units (these can be in a single building or spread across different buildings).
- The units must be used solely for residential purposes and rented out to third parties.
- The deduction is available for both newly constructed residential buildings and existing buildings that have been purchased.
- Initial Allowance: Property owners can claim an initial allowance of 5% per annum on the cost of each unit, provided the units are new and not previously occupied. This deduction is spread over 20 years.
- Additional Allowance: If the building is located in an Urban Development Zone (UDZ), an additional allowance may be available under Section 13quat, which allows for faster depreciation.
Let’s say you own six newly constructed residential units, each costing R1 million. The properties meet the criteria of Section 13sex, and you intend to rent them out.
- Cost of Each Unit: R1 million
- Total Cost of All Units: R1 million × 6 = R6 million
- Annual Tax Deduction (5% of R6 million): R6 million × 5% = R300,000
This means you can deduct R300,000 from your taxable income every year for 20 years.
If your taxable income before the Section 13sex deduction is R1 million, the deduction reduces your taxable income as follows:
- Before Deduction: R1 million
- Less Section 13sex Deduction: R300,000
- Taxable Income After Deduction: R1 million – R300,000 = R700,000
- The deduction is only applicable to residential units that are used for rental purposes.
- You must own at least five residential units to qualify.
- The tax incentive is spread over 20 years, reducing your taxable income each year.
This incentive is particularly beneficial for property developers and investors who build or acquire multiple residential properties for rental purposes, as it can significantly reduce their tax liability over time.
DisclaimerPlease note that tax incentives can be complex, and eligibility depends on specific circumstances. What is stated above is only provided for general information purposes and should not under any circumstances be relied upon as tax advice as it may not necessarily apply to all situations. You are thus advised to consult a tax advisor to ensure compliance and to optimize the benefits available under Section 13sex. Should you elect not to do so, we cannot and do not accept any liability in this regard.
Browse our gallery to get a glimpse of the vibrant student lifestyle at The Fibonacci. From the rooftop terrace to the co-working spaces, see why this is Cape Town’s premier student living destination.
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Early investment in The Fibonacci offers unique advantages—priority access, exclusive pricing, and strong growth potential. Here’s why acting now makes all the difference:
- The Fibonacci sales launch is on Wednesday 19th February 2025 at 6pm, where you will be able to the reserve the units of your choice
- Lock in the lowest prices before demand increases
- Benefit from 8% annual value growth over 2 years
- Choose the best units with premium features
- Enjoy 2 years to plan finances or rental strategies
- Maximise your returns by investing early
Most Frequently
Asked Questions
The highly experienced development team at Heriot REIT Limited comprising Steven Herring, Grant Elliott, and Daryl Sher are experts in their fields, bringing a wealth of knowledge to every project.
With a proven 27 year track record, including the successful redevelopment of One Thibault, their expertise spans across a diversified portfolio of retail, industrial, commercial, residential, hospitality, and specialised properties in South Africa.
Backed by years of experience, they continue to drive the growth of Heriot’s multi- billion property portfolio through strategic developments.
Bruce Wilson Architects – led by their founder Bruce Wilson, are a group of energetic and considerate architects who offer a complete set of architectural services with a strong focus on design quality, functionality and sustainability.
https://bwilson.co.zaThe Fibonacci is located at 23 Main Road, Mowbray, Cape Town.
The development is expected to reach practical completion in Q1 2027.
Abrahams & Gross Attorneys, Notaries and Conveyancers.
https://www.abgross.co.zaBetterBond: BetterBond has been South Africa’s largest bond originator since 2000. With over 20 branches nationwide, they are experts in guiding people through the home loan process, from first-time buyers to experienced investors. Their high approval rates have helped over a million South Africans become homeowners. Visit BetterBond.
Pro Mortgage: Pro Mortgage is powered by MortgageMax, one of the largest bond origination companies in South Africa, and offers home loan assistance across the country. Visit Pro Mortage.
Bond repayments will commence once the property is fully developed, transferred into your name, and the seller has been paid by your bank. This will take place following the completion of the development and the municipality’s certification of occupancy, which is expected in January 2027.
Transfer and bond costs are the conveyancing fees that you will pay to the transferring and bond attorney’s respectively to transfer ownership to you and register the mortgage bond over the title deed. These costs vary according to the value of your bond registration and the value of your purchase price. For an indication of what these costs are please refer to the transfer and bond cost calculator on Abraham’s and Gross’ website, found here.
There are no hidden costs. The quoted price is VAT-inclusive, so no transfer duty is applicable. The contract price is the amount you will pay for the property. However, please note that there are additional costs for transfer and bond registration.
Before the property is transferred into your name, occupational interest will apply from the date the developer allows you to occupy the property. The percentage for occupational interest will be specified in the agreement of sale and is only payable until the transfer is completed.
Once the transfer is complete, owners will be responsible for municipal rates, taxes, and any applicable CID fees.
As The Fibonacci is a purpose-built student residence, pets are not permitted on the property.
Levies cover the costs associated with the day to day maintenance and management of the development, including security, cleaning, upkeep of common areas, and building insurance. Specific items include:
- Comprehensive insurance for the physical property (excluding contents).
- Security and cleaning services.
- Communal electricity and water.
- Refuse removal.
- Landscaping and gardening to common property.
- Repairs and maintenance.
- Property management and Body Corporate management fees.
- Maintenance reserve as required by CSOS.
- High-speed internet & Wi-Fi.
Each apartment is equipped with its own prepaid electricity meter, with the tenant, occupant, or owner responsible for topping up as needed. Additionally, each apartment has a separate water meter for the measurement and calculation of water and sewerage usage.
- 24-hour manned security.
- Biometric Access control systems.
- CCTV surveillance covering all entrances and key common areas.
- Vehicle and movement monitoring.
- Digital access control for owners at all gates.
No, parking is not included and are not available to purchase. However, a limited number of parking bays are available to rent separately from the developer at an agreed monthly rate.
Once the reservation and sale agreement are complete, and the development completed, the transfer process will begin. Occupation can take place as soon as the occupation certificate is issued. From this date, you can either move in or rent out your property.
Buying off-plan allows you to save significantly by avoiding transfer duty. For instance, if you bought an existing property for R3,000,000, you’d pay around R150,000 in transfer duty, which you can avoid with The Fibonacci. Additionally, purchasing in a new development provides the benefit of guarantees and warranties on both the building and appliances.
- Reserve your unit online on Launch Day via our website.
- One of our agents will contact you to confirm your reservation and share the sale agreement.
- Sign and return the sale agreement.
- Pay your deposit to the transferring attorneys.
- Apply for finance through BetterBond or Pro Mortgage, with approval to be secured within 30 days of the developer’s signature on the agreement.
- Construction will begin once the required number of sales have been completed, and transfer will occur once the development is finished.
- A R10,000 reservation fee is required to secure your unit, payable via our website. This fee will be refunded once you have met all the conditions of the agreement and secured your bond or bank guarantee. If you are unable to meet the agreement’s conditions, the fee will be forfeited.
- After both you and the developer have signed the sale agreement, a 10% deposit is payable within 7 calendar days.
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You will then have an additional 23 days (a total of 30 days from the developer’s signature) to
secure the balance of the purchase price. This can be done through:
- A cash payment to the transferring attorneys
- Bond approval from a registered financial institution
- A bank guarantee
Yes, the property may only be rented to students or young professionals under the age of 29. Short-term letting, including platforms like Airbnb, is not permitted.
The Fibonacci will be developed as a sectional title scheme with a dedicated property manager and body corporate overseeing financial affairs.
In addition, a specialist on-site student residential management service will handle daily operations. While owners can lease their apartments to their own student tenants, all occupants must be vetted by the manager and inducted into the development’s rules and regulations.
For owners who prefer a hassle-free experience, the on-site manager offers leasing and management services at an agreed fee.