Nigerian investors in commercial, residential and leisure property development have been asked to take advantage of the booming property market in South Africa to repatriate profits accrued from it to strengthen the home country’s promising economy.
The prospective investors were specifically urged to tap into the growing opportunities in one of South Africa’s mixed-use cities, Century city, a 250-hectare development in Cape Town, comprising of office, retail, residential and leisure components in an integrated urban environment.
Accordingly, the city which current total investment has topped 16 billion South African Rand (R), continues to grow with new developments totalling about R11 billion in the pipeline, and from which Nigerian property investors could benefit from in the next scheme of development in it’s yet-to-be-built 1.4 million square metres empty land.
Century City is being developed by South African Rabie Property Group, a renowned property development company and it is strategically located in the heart of the greater Cape Town Metropolitan area.
It is also surrounded by a strong road network giving ease of access to the entire Western Cape region, at the same time offering conceivable amenities like canal, shopping malls, theme park, hotels, conference facilities and other urban amenities.
Making a public presentation of the investment opportunities in the city to prospective Nigerian investors recently in Abuja, the Director of Rabie Property Group, Mr. Greg Deans, said about 800,000 square metres had been developed as at 2008 and that Nigerians could make the most of the opportunities available in the city that is fast turning into a leisure spot for about 30 million visitor per annum.
He explained that the built form currently comprises around 300,000 square metres of offices, more than 3000 residential front doors and 150,000 square metres of retail and leisure facilities, adding that a growing number of letting inquiries from large corporate firms and individuals from Nigeria, Kenya and other African countries had been recorded.
He noted that Rabie Property Group would in the nearest future consider participating in Nigeria’s growing property market if it was able to find the right local partners. According to him, the country’s property market remains the bedrock for wealth creation.
Source: ThisDay/Chineme Okafor
