By Sipho Masondo

A R300-MILLION Eastern Cape shopping complex is to open on schedule next week – but other parts of an ambitious R3,5-billion plan for the Fountains development in Jeffreys Bay have been put on hold as result of the global financial meltdown.

Developer and major shareholder Dries du Preez said yesterday the 30660m² Fountains Mall would open its doors to the public next Thursday.

A business park was already under construction and would go ahead, as would a light industrial zone still awaiting a record of decision from the department of environmental affairs and tourism. However, an equestrian and country estate and retirement village, priced at about R1,3-billion, had been discarded because of the turmoil in the global financial system.

The original cost of the entire Fountains project was estimated at R3,5-billion, said Du Preez.

“We have decided to go into a new direction. To go with the plan as is will be complete suicide. People are struggling to get bonds as banks have become very strict.”

A new development would hopefully be launched in the third quarter of next year, Du Preez said.

The shopping mall, off the N2 en route to Jeffreys Bay, would be home to more than 100 stores ranging from nationals and anchor tenants including Edgars, Woolworths, Game and Pick n Pay, to specialty stores, restaurants and an open-air market.

General manager Judy Boland said the mall was owned by a consortium of Atterbury Property, Retail Africa, Prosperito, Orange Property Group and Vuwa Investments.

She said: “We are very excited by the prospect of the new Fountains Mall and are delighted to be a part of the region. We are aware of the role new developments can play in uplifting the local economy.

“The centre is sure to ... provide a place to socialise as well as to shop.”

Boland said the mall was aimed at being a top weekend tourist destination, as well as a pioneer for convenience shopping, providing top local and international brands.

Marketing manager Jiminy-Ann Bosman said: “At present, a large percentage of local shopping is leaking out of the area and being done in other centres, like Port Elizabeth. The new Fountains Mall will provide local shoppers with a wider and better choice.”

Source: The Herald