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The developers of BT Ngebs Mall, Mthatha’s regional shopping mall, have described recent media reports that the development was for sale as inaccurate. The mall has already been sold to Vukile Property Fund and Flanagan and Gerard Frontiers, who now each have a 50 percent stake in the development.
This is according to Billion Group commercial director, Vuyokazi Njongwe, who says they have been inundated with calls from prospective buyers since the recent reports that the mall was for sale.
Billion Group, founded by property tycoon, Sisa Ngebulana, was the developer behind the BT Ngebs Mall which is named after Ngebulana’s entrepreneurial grandfather, Tandi Ngebulana.
“The BT Ngebs Mall was sold last year, and as with any sale of this nature, the process from the signature of the deed of sale to transfer takes a while, as there is Competition Commission and conditions to be met; hence we foresee that transfer will only happen later this year,” said Njongwe.
Asked what triggered the decision to sell, Njongwe said this was the normal course of business for Billion Group.
“We are property developers. This remains the core of our business which means we conceptualise, develop and then sell at some stage, when the asset is ready for sale,” she said.
“We remain property developers and very distinct from a property fund that holds properties as a core part of their business. We will therefore continue developing, and sell each and every mall when it has settled down.”
“When a mall is sold, like others, the staff remain, leases remain in place, and it is business as usual. The new owners take over the rights and obligations of the old owner,” Njongwe emphasised.
The sale of BT Nbgebs Mall does not include either the Mayfair Hotel or the Mayfair Casino. Both of these properties remain under the ownership of the Billion Group. The 60 000 square metre BT Ngebs Mall opened its doors in 2015.
