R338m redevelopment for Maluti Crescent Shopping Centre

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Danette Breitenbach

The Maluti Crescent Shopping Centre in the Free State is undergoing a major redevelopment. The R338m project will add 12,357m² to the centre, increasing it to a total 34,360m², and transforming it from a strip mall to an enclosed shopping centre. The project will also add a new undercover taxi rank of 100 bays and more parking. It is scheduled for completion in October 2018.

Executive mayor of Maluti-a-Phofung Local Municipality, Cllr Vusimusi William Tshabalala and Sedise Moseneke, executive director of Vukile Property Fund at Maluti Crescent Shopping Centre (formerly Setsing Crescent) in Phuthaditjhaba.

Vukile Property Fund acquired Maluti Crescent in its acquisition of the retail portfolio of the former Synergy Income Fund two years ago. Commenting on the extensive redevelopment, executive asset manager at Vukile, Itumeleng Mothibeli says: “For Vukile, this redevelopment has a projected net yield of 8.5% for its first year after completion. Vukile’s investment will also extend the lifecycle of this shopping centre asset and position it to better meet the modern retail needs of the 80,000-plus households of Phuthaditjhaba, as well as its surrounds.”

Phuthaditjhaba (formerly QwaQwa or Witsieshoek) is in the foothills of the Maluti mountains of the Drakensberg. It is at the junction of the R57 and R712, which runs along the scenic route from Harrismith, through Golden Gate Highlands National Park, and onwards to Clarens.

Vukile has appointed shopping centre developers and leasing specialists Flanagan & Gerard Property Development and Investment as the development managers for the redevelopment and expansion of Maluti Crescent.