Exemplar REITail Progresses With South Africa Mall Projects
[ad_1]
South Africa’s Exemplar REITail is making progress with construction of Madombidzha mall project in the Makhado municipality of Limpopo province.
In early March, CEO Jason McCormick wrote on LinkedIn that the building lot for the anchor tenant Shoprite had been prepared and that footings and column bases had been excavated and readied for concrete, with structural steel soon to follow.
The 11,792-square-metre mall is being developed along with McCormick Property Development (MPD), Exemplar’s controlling stakeholder, and is due to open in September.
Madombidzha mall has a development cost of Rand 152 million (US$8 million).
Work on Madombidzha mall as of early MarchSource: Exemplar REITailMcCormick also said the Mehlareng mall in Sekhukhune, Limpopo will be the next project to be developed. The 12,893-square-metre mall has a development cost of Rand 165 million (US$8.7 million) and is planned to open in November.
In March, Exemplar REITail published an update on its Mbashe LG mall in Idutywa in the Eastern Cape province, saying the first phase of the 19,000-square-metre development is well under way. The local Vicicon Group is executing the bulk earthworks.
The developer broke ground on the mall in November 2023 along with MPD and local entrepreneur Livingstone Nogoduka, who has invested Rand 320 million (US$17.1 million) in the project. The mall has a total cost of Rand 341 million (US$17.9 million) and is expected to open in November.
In its 2023 integrated annual report, Exemplar REITail said the site development plan on its greenfield 22,000-square-metre Vuwani Mall in Thohoyandou, Limpopo has been submitted to the authorities. Work is expected to begin before the end of 2024, with opening planned for 2025.
The developer’s roadshow report published in November 2023 includes a table of possible acquisitions of MPD developments in the next three years which shows the planned opening dates for 10 new malls in the Limpopo and Gauteng provinces.
Exemplar REITail’s possible acquisitions of MPD developments in the next three yearsSource: Roadshow report, 2023Top photo: Madombidzha mall rendering (Source: MPD)
[ad_2]
Source link
