JSE AltX-listed Visual International Holdings is in discussions to develop a new residential suburb in Klerksdorp, North West, which will provide some 2,000 much-needed houses, apartments and lifestyle suites for the middle-income group.
Called Reebokfontein Village, the 83 hectare Klerksdorp suburb will be modelled on Visual’s successful mixed-use suburb development Stellendale Village in Cape Town.
Charles Robertson, CEO of Visual International Holdings comments: “Visual has a long-term vision and we pride ourselves on delivering quality properties that also offer good living and pleasant shopping, working and recreation. Our properties are developed around people and community. We are excited about creating a new suburb in Klerksdorp that will offer residents affordable, good quality living.”
The development is already approved, however the transaction is subject to some changes to the approvals to ensure the property development can effectively fulfil Visual’s vision for the project. It is also subject to one or more of the larger companies in the vicinity of Klerksdorp, entering into an agreement to rent or provide financial support for accommodation for their employees.
The transaction’s acquisition consideration is also flexible to allow the roll-out and release of property, based on its demand-paced property development.
Visual is a property development, holdings and services company that develops complete, self-contained suburbs for the middle-income market – the fastest growing property segment in South Africa. It listed on the JSE AltX in May this year.
Visual owns more than 70,000sqm of developable bulk at its award-winning flagship Stellendale Village development in the Northern Suburbs of Cape Town. Stellendale is a 22 hectare mixed-use residential suburb just off the Stellenbosch Arterial in Kuils River, Cape Town. It will ultimately provide some 1,500 homes to middle-income households when completed, including an integrated retirement estate.
Robertson says: “While creating quality housing that meets a substantial market demand, Visual strives to provide our stakeholders with a positive and sustainable investment experience. We’ve telegraphed our plans to take our tried-and-tested model into new regions and Reebokfontein Village provides a good fit in an area with a growing middle market driving demand for housing.”