A flurry of new development can be expected at Century City following the transfer last week of the multi-billion rand development to new owners.
The property business of the 250ha “city within a city” has been purchased from Nedcor subsidiary Century City Developments (Pty) Ltd by a new company, Century City Property Developments (Pty) Ltd in which Rabie Property Projects is the major shareholder. The deal is being financed by Absa Bank’s Specialised Property Finance Division.
Greg Deans, currently MD of Century City (Pty) Ltd, who is staying with the project and who will head up the new company, said this continuity added to the management expertise that Rabie bought to the table, created a very strong, dynamic and complimentary team going forward. Most of the management and the professional teams appointed to Century City projects such as Villa Italia have also been retained.
“Particularly in view of the disruptions of the past, Nedcor had insisted during the sale negotiation on a high level of continuity going forward to enable a seamless transition and to ensure that the investment of existing stakeholders in Century City was not undermined,” said Deans.
“Century City is an exceptional product in terms of location and vision and has maintained its status as a showcase development throughout a number of changes in ownership in recent years. I have no doubt that the new owners, who are a team of entrepreneurs with absolute passion, drive and commitment, are the best match to drive Century City forward and to realize its full potential.”
He said the new shareholders had grown to understand the product through the hard-fought negotiations around their Island Club development at Century City.
“Very importantly, the Rabies have heartily embraced our vision of new urbanism (integrated, holistic development) which has been developed over the past two years and which will provide the framework or backbone for development at Century City going forward.”
Deans said the new synergies were already reaping benefits and the excitement they felt over the future of Century City was rippling through the market with a marked increase being seen in both the level of inquiries and deals on the table.
Initial development at Century City had focused on commercial, retail and leisure developments but in the last year it had also become a highly sought-after residential node with more than 900 luxury apartments and homes being sold. In fact there is currently R770m of residential development under construction now with a further R100m of free-standing homes presold on which work still has to start. In addition two further residential projects, totaling more than R350m are on the drawing board for launch later this year.
The commercial market was also beginning to pick up again with two new office blocks for smaller owner occupiers under construction and four more due to start shortly. Further commercial development totaling more than R500m is currently under negotiation or on the drawing board.”
Deans said that in response to market demand they would also be bringing new commercial precincts - each with clear urban planning guidelines - to the market shortly.
“The continued buoyant residential market together with the renewed and sustained commercial inquiries, augurs very well for the future and we will be making some exciting announcements shortly.”
Publisher: Cape Business News
Source: Cape Business News
A flurry of new development can be expected at Century City following the transfer last week of the multi-billion rand development to new owners.
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