The Victoria Wharf Shopping Centre opens, following completion of the first section of the retail and entertainment centre. The UCT Graduate School of Business also opens, and building of the Ulundi parking garage and Portswood Ridge offices commences.

Official commercial trading commences at the V&A Waterfront. The Pierhead Precinct (later renamed the Pierhead District) is added to the V&A Waterfront property. It includes restaurants, taverns, speciality shopping, the V&A Hotel, a theatre, arts and craft market, as well as the National Maritime Museum.

The V&A Waterfront is established by state-owned transport corporation Transnet Limited.

Led by the discovery of gold and diamonds in South Africa, construction begins in Cape Town’s working harbour to extend the Alfred Basin to include the Victoria Basin.