Cape Town's Ratanga Junction theme park and Century City area have been given a new lease of life with more than R2,5-billion aimed at revamping and aggressive marketing.
The Nedbank Group this week sold Cape Theme Parks, which owns Ratanga Junction, to Century City Property Developments (Pty) Ltd, of which Rabi Property Projects is the major shareholder.
Ratanga Junction spokes-man Maggie Rowley says that since Century City Property Developments acquired Century City from Nedbank last year, commercial and residential projects worth R2,5-billion have been launched. Of this, R1-billion has been for residential projects. In the past 18 months, more than 2,000 residential units have been sold in the Century City area.
"We want the area to incorporate residential, leisure and entertainment facilities. We want it to be a place where people work, shop and play," says Rowley.
The sale was part of the Nedbank Group's disposal of its non core assets.
The terms of the deal secure the employment of the 46 permanent staff and the retention of contract and seasonal workers.
Century City Property Developments last year purchased assets and undeveloped land at Century City from Nedbank.
"We are looking at growing and expanding existing facilities, such as conference centres, which will be aimed at corporate functions and business," Rowley says.
Revamps of restaurants and facilities are some of the planned changes.
Century City Property Developments MD Greg Deans says the company will be looking at improving the park's financial performance and maximising its assets.
The theme park decided to break with tradition by opening during its winter hibernation period this year, on the strength of demand from patrons.
Financial Mail
Publisher: Financial Mail
Source: Inet Bridge
