The 250ha property business was purchased from Nedcor subsidiary Century City Developments by a new company, Century City Property Developments, in which Rabie Property Projects is the major shareholder.

Initial development at Century City had focused on commercial, retail and leisure. But it has now become a sought-after residential node with more than 900 luxury apartments being sold.

There is R770m worth of residential development under construction, with a further R100m of free-standing homes pre-sold on which work still has to start.

Two further residential projects, totalling more than R350m, are on the drawing board for launch later this year