Alberton and the Ekurhuleni stand to gain considerable economic benefit from the Newmarket development that was announced by Newmarket Property Development JV, a consortium established to promote and implement the anticipated R4 billion LED injection.

The initial zone of the development will be completed in 2011 at a value of R2.5 billion and will consist of a regional mall, hotel, fitness centre, conference and wedding facilities.

The regional themed shopping centre will boast in excess of 200 stores, including cinemas, state of the art ice-rink and international venue and a selection of top restaurants and coffee shops.

Further expansion includes recreational services, medical facilities and motor showrooms.  To follow will also be an up market residential development consisting of accommodation ranging from 2-bedroom to 4-bedroom units.

Newmarket is expected to be one of South Africa’s most prestigious property projects with exciting opportunities presenting itself to retailers and businesses alike.

George Skinner of Periscopic Leasing is confident that Newmarket will bring enormous growth potential to the region.  “The greater Alberton economy has matured, not only making it possible, but necessary, to have a development of this nature. 

There is a real need for entertainment and a shopping experience on a scale never seen before in the larger Alberton”, says Skinner. Newmarket will create job opportunities for more than 8000 people.

There has been much talk about the Newmarket development, which will be located on the once pulsating racecourse in the area. The ground was previously owned by the Rand Sporting Club and operated by Phumelela Gaming and Leisure. 

Over a period extensive negotiations took place, and which eventually emanated in Phumelela relocating their activities to Turffontein and the closing of the Newmarket Racecourse.

At present R15 million of groundwork has already been completed for the development.