Nigerian real estate companies have been urged to take advantage of South Africa’s booming property market with the intention of repatriating profits accrued to strengthen Nigeria’s promising economy.
Prospective investors were thus counselled to particularly tap into emerging prospects in CenturyCity, one of South Africa’s mixed-use cities, a 250 hectares development in Cape Town, comprising office, retail, residential and leisure components ensconced in an integrated and aesthetically pleasing urban environment.
Current total investments in CenturyCiy have reportedly topped R16 billion South Afrrican Rand (over N330 billion). Accordingly, the city continues to grow with new developments totalling about R11 billion in the pipeline. The Nigerian property investors could benefit from this next scheme of development in the yet to be built 1.4 million square metres vacant land.
The CenturyCity 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 entireWestern Cape region, at the same time offering conceivable amenities like canal, shopping malls, theme park, hotels, conference facilities and other urban amenities.
While making a public presentation of the investment opportunities in the city to prospective Nigerian investors recently in Abuja, Greg Deans, director of Rabie Property Group, said about 800,000 square metres have been developed as of 2008, and that Nigerians could make the most of the opportunities available in the city that was fast turning into a leisure spot for about 30 million visitor per annum.
According to Deans, the built form currently comprises about 300,000 square metres of offices, more than 3000 residential front doors and 150,000 square metres of retail and leisure facilities, with a growing number of letting inquiries from large corporate firms and individuals from Nigeria, Kenya and other African countries has been recorded.
“There is no doubt CenturyCity has reached critical mass in terms of a mixed-use development and is well geared and structured to take advantage of the economic upturn we see just around the corner.”
We expect the pace of development to continue to gain momentum as we go forward considering the centrality of the location and all the facilities on offer within the integrated precinct, and we also expect that Nigerians will take advantage of this opportunity,” Deans explained.
The Rabie Property Group will in the nearest future consider participating in Nigeria’s growing property market if it is able to find the right local partners, as the country’s property market remains bedrock for wealth creation, he stated.