The multibillion-rand Cape Winelands Airport project is a catalyst for the revival of Wilson Bayly Holmes-Ovcon’s (WBHO’s) construction order book as the sector stirs back to life after years of muted activity and profitability. Valued at about R8bn and scheduled to open in 2028, the privately funded airport is expected to become one of South Africa’s largest international airports. Growthpoint has secured the rights to co-invest in and develop the 450-hectare precinct alongside privately owned airport operator RSA Aero.
The project comes as public and private infrastructure spending in the Western Cape is accelerating. The City of Cape Town set a record infrastructure budget of roughly R12bn for the 2024/25 financial year. A further R39.5bn is earmarked over the medium term — a pipeline that contrasts sharply with stagnation elsewhere in the country.
Projects across multiple sectors have supported WBHO’s growth, with compound annual growth averaging 15% over the past four years even though infrastructure spending has been constricted by record low levels of gross capital formation. “Growth was initially driven by data centres, large logistics developments, and multi-billion-rand residential and commercial projects, and later supported by renewable energy, mining infrastructure, and public investment in Sanral’s national road network,” the group says in its annual report. The construction sector, which along with WBHO, once included Murray & Roberts, Group Five, Aveng, Basil Read and Raubex.
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But a spate of restructuring and business rescues has left just WBHO and Raubex as fully operational listed construction groups. The pressure on the sector is reflected in the FNB/BER civil confidence index, which stood at 43 points in the third quarter of 2025, well below the neutral 50-point mark. However, there are signs of recovery in the The FNB/BER building confidence index, which rebounded to 43 points in the fourth quarter up from 35 points in the preceeding three months.
That’s the best reading in a decade and higher than the long-term average for the series of 40, the BER said in a statement accompanying the most recent data. A 21-point increase in sentiment among hardware retailers boosted the composite index, while an improvement in activity among main contractors, led by residential builders, and activity among architects is also encouraging, the BER said. From June, the value of WBHO’s order book had expanded by 23% to R37.6bn, building on an already elevated base.
The growth has been supported by renewed activity in South Africa’s roads and renewable energy sectors, alongside a strong recovery in the UK, where order book levels rose by 32%. On the public sector front, Sanral’s approved 2024/25 budget bodes well for WBHO, with substantial capital expenditure planned across non-toll and toll road networks, amounting to about R18.8bn and R3bn, respectively. “The pipeline is expected to sustain elevated procurement levels into the new financial year, requiring procurement teams to be adequately resourced and appropriately experienced to bid for multibillion-rand projects, supported by rigorous commercial review of tenders,” the group said.
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