Cape Town - There’s a new shopping centre planned for Cape Town which should be open by the end of next year.
Property developer Abland recently announced several new construction projects for 2024, including a new shopping mall to be built in Durbanville.
The Groot Phesantekraal Shopping Centre will be located on one of the oldest farms in the region, just north-east of Durbanville, on the corner of Okavango Road and the R312 Klipheuwel Road, and is going to be a mixed-use development.
Abland confirmed the project will consist of a 30,000m² shopping centre and it has proposed that the shopping centre be open and be ready for business by the third quarter of 2024.
This new investment comes as the SA Property Owners Association (Sapoa) retail trends report for the first quarter of the year (Q1 2023) showed that trade in the country’s major shopping centres had started to slow down.
The report said year-on-year growth in monthly trading density decelerated to 4.8% in January 2023 before increasing slightly to 5.8% in March 2023.
It said this followed a particularly strong festive trading period as December 2022 was 13.5% up on December 2021.
Sapoa’s report said: “The slowing mall retail sales came against a background of heightened load shedding, high unemployment, and increasing interest rates as the SA Reserve Bank aims to curb rising inflation.
“The deceleration in monthly sales resulted in annualised trading density growth slowing to 10.7%.”
Meanwhile, Lew Geffen Sotheby’s International Realty Commercial property chief Brent Townes said: “Freehold commercial office space has been the top seller in four of our freehold sales areas. These areas are Bellville, the CBD, Goodwood and Parow.”
Townes said their fifth most popular area, Airport Industria, was largely populated by Industrial space.
Townes said: “The value of registrations of commercial, industrial and retail freehold properties have increased by 10% during the past year.”