Billion Group breaks ground on new R1.6bn development
Property development company Billion Group broke ground on new mixed-use development Forest Hill City with the turning of sod of a R1.6-billion super mall west of Pretoria this week.
The 72 000 m2 Forest Hill mall, which was the first phase of a planned 110 000 m2 retail development, was expected to open in April 2014.
Forest Hill City, combining office, retail and residential space, would comprise two hotels, a 23 000 m2 value centre, about 22 000 m2 of office space, 8 000 m2 of motor show rooms and 1 450 lifestyle residential properties.
The mall, located on an interchange connecting Midrand, Centurion, Sandton, Johannesburg, Krugersdorp and Pretoria, would span 1 km along the N14 highway and 300 m along the R55 in Monavoni, Centurion, south west of Pretoria.
The retail development was expected to service about 112 500 current households and the 2014 forecast of 160 000 households in the area, which Billion Group executive chairperson and founder Sisa Ngebulana said was currently undersupplied by 250 000 m2.
The mall would house four split-level parking areas comprising 2 400 bays, at 600 bays a level, with an additional 1 920 external parking bays providing access to Woolworths, Clicks and the food and entertainment node.
Ngebulana commented that the mall had secured 80% tenant commitments, including Checkers Hyper, House and Home, Truworths, Edgars, Ster Kinekor, Foschini Group, Pick n Pay and Mr Price Group.
“Banks, food and entertainment franchises are also well represented and the mall will boast an ice rink,” he added.
Billion Group currently had a R7.16-billion development pipeline that would deliver 370 000 m2 of gross lettable area.
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