For its first phase, the Secunda Value Centre Project received R69.3 million in funding from Nedbank Corporate Property Finance. Its development was under the expertise of a subsidiary of Putprop, Neotrend Khala Cose Developers (Pty) Ltd.
The Secunda Value Centre Project spans an area of 8,722 meters squared. Moreover, Neotrend further acquired neighboring land for the center’s additional two phases. As a result, the project would add up to 12,868 meters squared of office accommodation and retail space.
However, to date, the project has not reported any progress updates. In as much as it was to commence trading in April 2015. As a result, it is presumed to have stalled.
Reported On 9 March 2015
South Africa: Phase I of Secunda Value Centre to cost US$5.8m
Construction of the Secunda Value Center in Mpumalanga, South Africa has acquired a new light after approval of funding by Nedbank Corporate Property Finance. The news for the approval of the funding was made by D’Anvo Jones, the Regional Head of Nedbank Corporate Property Finance, Pretoria.
The project will be undertaken by Neotrend Khala Cose Developers (Pty) Ltd.
The first phase of Secunda Value Center will occupy 8722m², although the company is planning to undertake Phase II and III where 12868m² of space will be added. The latter phases will involve the addition of office accommodation and retail spaces.
Construction will involve setting up a Westpack Lifestyle Centre that will span 2300m², a stand-alone Builder’s Warehouse, and other line stores. Land for the project has already been acquired for the consequent phases.
The bank cited the demand for retail property in Secunda as one of the factors for funding the Secunda construction project. In addition to its strategic location along a busy road, the development will also offer an open parking area.