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Cape Town – Val de Vie Estate has acquired the luxurious Pearl Valley golf estate between Paarl and Franschhoek for an undisclosed amount.
Val de Vie Estate and its partners acquired the Pearl Valley Golf and Country Estate from Standard Bank and aims to create a “super-estate” under the Val de Vie brand.
A spokesperson for the group did not want to divulge the cost of the acquisition.
The two estates are adjacent to each other along the Berg River.
“The mutually beneficial inclusion of Pearl Valley within the larger Val de Vie family and among its other diverse offerings, completes the vision of providing the ultimate in secure, luxury living,” Martin Venter, Founder and CEO of Val de Vie Investments said.
The acquisition included the entire first phase of Pearl Valley, the Jack Nicklaus Signature Golf Course, the clubhouse, a hotel site on which the Mantis Collection Pearl Valley Hotel would be developed, a 20 hectare equestrian farm, approximately 80 serviced and unsold plots as well as 150 un-serviced residential plots.
“Residents will now enjoy shared and easy access to amenities on both estates which include the golf course, fitness centres, tennis and squash courts, indoor and outdoor swimming pools, multiple equestrian facilities, a riding arena and two polo fields,” Val de Vie said.
In May 2012 the Pearl Valley directors announced a business-rescue strategy in terms of the Companies Act.
The move was brought on by recessionary trading conditions and an oversupply of golf estates at the time, which saw shareholders financing operating losses.
Val de Vie said it would oversee the management, marketing, sales and new developments, and would implement strategies to achieve “economies of scale” in order to reduce security, maintenance and landscaping costs, which would decrease levies for the individual homeowner.
The construction of the Mantis Collection Hotel at Pearl Valley Golf Club would begin in January 2016, the group said.
“It will be a five-star luxury hotel with 68 units and 90 rooms. Fifty percent of the hotel rooms were bought by the consortium, which gives individual investors the opportunity to buy into the establishment.”
