“A street circuit is more economically viable than a purpose built track”
I’m not entirely sure about that. I bet street circuits cost loads of money ever year to prepare for a race, they can only be used once, and presumably they have to reach settlements with local businesses to compensate for the disruption they cause. Also, in the case of this circuit, it would cost a load of money to adapt the Green Point stadium to route a circuit through it.
A well run permanent circuit on the other hand might prove expensive to build, but from then on it can’t cost too much to maintain, and if well managed could earn a fair bit of money over the course of a season from motorsport and other uses. I don’t see why every permanent circuit needs to be a mega complex like Shanghai, Abu Dhabi and Bahrain are.