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Street News Service
Wayne van der Vent, head of Futuregrowth Properties which is responsible for the development of the mall said: "This is not just a shopping centre, but a precinct development.
Business Report - Historic bid for township development
"We believe this is the model ... in its simplest terms we want to produce townships into normal suburbs," said Wayne van der Vent, director of Futuregrowth Asset Management, which co-arranged the financing.
The opening of the single-story centre will provide the developing township with banking facilities, food and clothing retailers and household goods and is expected to be a catalyst for change in the area, Wayne van der Vent, head of development funds at Futuregrowth, said.
â€œConstruction of the centre has been putting food on people's tables and is changing their daily lives.This epitomises the benefits of funding rural developments and investing in communities,â€ he
added that having childcare facilities such as an Educare Centre at Tembisa Plaza, which would cater for working mothers, would usher in major lifestyle changes for many women.
Some R60-million was injected into the area during the construction phase and approximately 1 500 jobs were provided, said Van der Vent.
â€œWe expect that the centre will provide jobs for around 500 long-term employees,â€ he
said, and anticipates that the new centre, which is anchored by a 2000 m2 Shoprite and has a mix of 70% national tenants, will form a hub for future development in the area.
Business Report - Isibaya puts R105m into Futuregrowth property fund
Wayne van der Vent, the director of Futuregrowth Asset Management, said Futuregrowth always came tops in Alexander Forbes's targeted development fund category each year.
PIC to develop underserviced areas
Wayne van der Vent, a director of Futuregrowth and head of Development Funds, said that the FCPF has delivered strong investment and social impact returns since its inception.