A R13.4-billion convention and entertainment centre is set to change the landscape of Centurion, south of Tshwane.

The Tshwane International Convention Centre, designed in the shape of the African continent, will compete with similar facilities in Durban, Joburg and Cape Town.

Plans for Tshwane's 8,000m² landmark were announced recently by Tshwane Mayor Father Smangaliso Mkhatshwa.

The complex is being developed by Community Investment Holdings and Bantsho Investment Holdings in partnership with the Tshwane Council.

According to the developers, the centre will boast seating for about 2,000 in its ultra-modern auditorium and 20 breakaway rooms, and the adjacent precinct will feature two hotels with 500 luxury rooms.

Project manager Jacob Ngakane said there would be a five-star hotel and a four-star establishment.

Palatial penthouses, office blocks, cinemas, gyms, restaurants and retail facilities - linked to the proposed Centurion Gautrain station - are planned.

Construction is scheduled to begin in November and the project is due for completion by 2008.

The entire multibillion-rand project is expected to create about 38,000 jobs and generate a whopping R4.7-billion a year for the economy.

The announcement for the new landmark has boosted the residential property market in Centurion.

Estate agent Cornel Cloete said: "It [the development] is a good thing because it's going to boost property prices and the value of most homes."

Other agents said they had seen a "noticeable increase" in demand for homes and property prices in the area since the proposal for the new convention centre was announced last year.

Aida, a national real estate agency, recently announced that its Centurion branch was experiencing a "tremendous inflow" of buyers.

Estate agent Daleen Erasmus said the average price for free-standing units was R720,000, while old military houses and three-bedroom units could be snapped up for about R550,000.

"Demand is so high that even more expensive units are hard to find," said Erasmus.

Anarene de Jager, an agent with Remax Properties, said some homeowners were so excited about the development, they wanted to hold onto their properties until the centre was complete.

Sunday Times
 
Publisher: I-Net Bridge
Source: I-Net Bridge