R1.3bn proposal for PE's Boardwalk node | Fin24
 
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R1.3bn proposal for PE's Boardwalk node

Mar 04 2016 13:12
Carin Smith

(Supplied)

Company Data

SUN INTERNATIONAL LIMITED [JSE:SUI]

Last traded 9
Change 0
% Change 3
Cumulative volume 349306
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Port Elizabeth - Emfuleni Resorts has this week outlined its proposal to develop a R1.3bn mixed use development on currently under-utilised land in the Boardwalk Precinct in Port Elizabeth.

The Boardwalk Mall would include a retail mall, a multi-purpose events venue, entertainment offerings and corporate offices. Emfuleni, together with partners Parktown Capital, believe that the current site offers exceptional opportunities for all.

Emfuleni will contribute its land in return for an equity stake. Parktown Capital is leading the development and tenanting, with Sun International ensuring that the mix and design are complementary to its existing business.

Emfuleni is making application to the Eastern Cape Gambling and Betting Board to amend its casino licence for an additional 20 years beyond its current expiry date of October 2025 in return for this investment. In 2000, Sun International and Emfuleni originally invested over R500m to build the Boardwalk and a further R1bn to extend its licence thereafter.

The project is designed to deliver on the Eastern Cape Provincial Government’s objectives in terms of job creation and black economic empowerment. As many as 8 500 new jobs are envisaged to be created during a two year construction period and 1 500 jobs during operations.  

The Boardwalk Consortium also proposes to provide entertainment by means of the new Sun Park. The Sun Park will occupy an area of about half a rugby field, around and incorporating the revised fountain water feature.

It is designed to be a community-centred entertainment zone to stage and host a wide range of activities from sports events to staged concerts, open-air cinema, wine-tastings and corporate launches and tourism exhibitions. The venue will also form part of Sun International’s national concert and show circuit.

According to Bongi Siwisa, chair of Emfuleni Resorts, the Boardwalk Consortium believes this development fulfils all the requirements for a considered, well-planned addition to this node.

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