Update

GEORGE NEWS - The property at Kraaibosch where the multi-billion rand Destiny Africa development would have arisen, has been sold, drawing a final line through the dream of a mini-city with an envisioned 100 000 plus residents.

Galetti Corporate Real Estate confirmed this week that they successfully concluded the sale of the 437ha property located across the N2 from the Garden Route Mall. On the southern side it borders on Thembalethu.

"It is a deal that is set to bring major activity to the area," said Galetti associate director Wesley Cowan, who oversaw the sale.

The agency was appointed by the liquidator of Monteriva Investments and Rand Merchant Bank in June this year to dispose of the asset. The property was sold through a sealed bid process that began in August and called for bid submissions by the end of September.

"Galetti received multiple bids and shortlisted three, based on certain qualifying criteria. We are very pleased with how quickly the transaction was concluded and the success of the sealed bid process. The transaction will unlock one of the largest pieces of privately owned land on the South African Garden Route and we are extremely excited for what lies ahead."

Identity of buyer

Cowan did not want to reveal the identity of the buyer. "We are waiting for the property to transfer before sharing final details, but we can confirm in the meantime that it is a residential developer."

Cowan had said earlier that there is very little vacant land remaining in George, causing a stock shortage in the area while there is a growing demand to cater to the business and residential needs of new residents. 

"This land has the space, location, and qualities for the right investor to capitalise on this demand."

The Destiny Africa development had the backing of the former Western Cape Premier Helen Zille at the time of its launch in 2009. It was at the start of a major worldwide recession. It was then valued at R28bn. 

By 2011, developers were still keeping the hope alive that the project would go ahead despite a struggle to draw investors. It was then valued at R45bn and at that stage possible black empowerment investors were mentioned.

In 2019, a group of Chinese investors were announced publicly, just before the environmental authorisation for the development would lapse. 

Their plans included a massive film studio called Sallywood, but they never came up with the money in addition to the original plans that included residential, commercial and hotel accommodation components, an international convention centre, sport centre, a university and sport science centre.

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