28 August 2008
Johannesburg — THE booming platinum industry is also giving a much-needed boost to the property sector on the northeastern side of the Pilanesberg, with Amtrad Properties undertaking to develop a R1bn new central business district in the area.
The development, which will take place on the northeastern side of the Pilanesberg National Park close to Bakgatla Camp in North West, will see the establishment of offices, a shopping centre, 170 residential apartments, a soccer stadium and three practice fields, as well as a clinic, private hospital and civic centre.
Grahame Lindop, MD of Amtrad Properties, says the group is undertaking the development on behalf of the Bakgatla Ba Kgefela tribe, who have enjoyed significant wealth creation as a result of the discovery of platinum deposits in their tribal area.
Lindop says substantial platinum and chrome deposits have been discovered within 15km of where the central business district will be established.
He says this discovery has resulted in three new mines with an estimated capital cost of R12bn being constructed. This will create more than 9000 jobs over the next three to four years and has necessitated the need for commercial development.
"This has created a lot of wealth for the tribe and a demand for retail facilities, residential accommodation and recreational amenities."
Lindop says a lot more people are already living in the area because of the proximity to the existing platinum mines in nearby Rustenberg and Northam, or are planning to move there because of the three new mines.
Construction on the new development will start next week with the first phase including 5500m' of offices. The 13000m' first phase of a shopping centre is also planned, while development on the 170 residential apartments should start next year.
Work on the stadium and practice fields will also begin in the next three weeks because they are to be used in the Confederation Cup and 2010 Soccer World Cup.
The civic centre will have conference facilities to accommodate 1000 people.
Apart from the central business district development, Amtrad Properties will also be developing a further R1,5bn worth of new property in the area, says Lindop.
This includes an 18-hole golf estate with 300 homes near Bakgatla Gate, which leads into the national park, as well as a five-star hotel.
Also, 3000 houses are planned on a 96ha site in a series of six interlinked villages.
Lindop says infrastructure is also being upgraded in the area. This includes new bulk water pipelines, waste water treatment works and bulk sewer networks for water-borne sewage.
Be the first to Write a Comment!
Copyright © 2008 Business Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
