"The very successful launch of Villa Italia, which had been the acid test of the new-look Century City Limited, had exceeded all expectations with only a handful of units in all three phases remaining. Construction of the R260million project, where units have been selling for an average price of around R750 000, is expected to start shortly with the first units coming on stream by year end," he said.

The Island Club, a 445 unit luxury apartment complex being developed by a consortium comprising Rabie Property Developers, Harries Projects and Nedcor has also enjoyed strong sales with only 90 apartments in the entire development remaining to be sold. The final phase of the R400million project is to be launched shortly.

In addition, Deans said single residential sales at Century View, a 35ha site north west of Ratanga Road which falls within the greater Century City precinct, had performed strongly with more than 110 units having been sold within the past year.

"It has been a challenge to keep up with demand as these developments have been selling out as they come to the market. Our architects are working around the clock to bring new product on line and we will be launching the first of these developments shortly," he said.

Land sales at Century City in the past 12 months, he said, had totaled R43m including 18 000 square metres of bulk to a leading European motor manufacturer for a state-of-the-art lifestyle centre, construction of which is expected to get underway in the next few months.

Turning to Ratanga Junction, Deans said the theme park recorded its first operating profit for the year to end March 2003 and was performing to expectations.

"Venue hire continues to be very successful and a revised strategy relating to the re- energising of the food and beverage operations is underway. This will include, inter alia, the completion of the roofing of the Walled City and capital investment in equipment and specialist personnel for the new banqueting business we intend running there," he said.

The past year also saw the sale of Number One Waterford Place, a 3800 square metre premier grade office block for R26million as well as the neighbouring 100 square metre Pavillion restaurant complex for just under R1million.

Deans said another major milestone over the past year had been the finalisation of the Urban Design Framework or masterplan which will provide the blue-print for future development at Century City.

"This framework will ensure that future development embraces the principles of new urbanism to create a medium to high density urban environment that offers an exceptional lifestyle and where one can conceivably go to work, live in a luxury apartment or free-standing home, shop at a premier shopping centre, or enjoy a variety of entertainment, leisure and sporting activities all within walking distance of each other. These lifestyle amenities are set around Century City’s award winning wetlands and a network of waterways which link all the different components including the botanic beauty of Ratanga. "

New urbanism, he said, was a counter to urban sprawl which had arisen as a result of a property and distance separation of the components of human lifestyle.

"Historically South African cities have developed along similar lines to cities in the United States where, due to available land and reasonably costed infrastructure, the various components of a lifestyle were spread out. This inefficient usage of space and infrastructure places a huge onus on transport resources and gives rise to serious environmental problems."

He said Century City, through a regulated design framework, was striving to provide the balance between lifestyle amenities within a secure environment.