The latest rumours may at least have more bearing on reality – unlike the rumours in early 2002 that suggested Ratanga Junction would be ‘moved’ to a site adjoining the Grand West casino.

Nedcor is the ultimate owner of Ratanga and Century City after the banking group bought out smaller rival BoE, which owned the majority shareholding in property development company Monex.

It seems Nedcor – not a major property investor - has decided to hang onto Century City for at least the medium term. So it appears Ratanga is unlikely to change hands at this juncture, especially since the theme park managed a operating profit in the past financial year. Cost cutting – including shutting down the park in off season – has been the order of the day, and Nedcor must be heartened the business may no longer be a drain on resources.

Speculation initially was that any prospective buyers for Century City – including the increasingly popular shopping centre Canal Walk – may be kept at bay by thoughts of being lumbered with the loss making Ratanga. Some time ago Richway Retail and supposedly life assurance company Liberty were identified as possible suitors for Canal Walk – but neither deal materialised.

In hindsight perhaps it was wrong to adopt a short term view of Ratanga and its expensive surrounds. Indications are that land demand at Century City are finally beginning to reflect the optimistic numbers bandied about when Monex was in the process of developing Canal Walk as Africa’s shopping showpiece.

Last month saw Rabie Property Projects launching a R250m waterfront residential development at Century City called the Island Club. The development is plonked on the banks of Half Moon Bay and the Grand Canal on the north bank of Canal Walk. Already the first phase 150 of the 294 apartments have been sold out.
This is the first residential development at Century City, and – judging by the response to The Island Club, not likely to be the last.