Liberty-Smart Dynasty venture secures DRC deal

Posted On Thursday, 28 July 2011 02:00 Published by Commercial Property News
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Beryl Holdings has announced that the joint venture between its Smart Dynasty, and Liberty Properties has secured a property development deal in the DRC worth R5bn.

Beryl Holdings has announced that the joint venture between its subsidiary, Smart Dynasty, and property group Liberty Properties has secured a property development deal in the Democratic Republic of Congo (DRC) worth five billion rand.

It entails Liberty Properties and Smart Dynasty leading the development of a new city, named City of Judges. This development will take place in three phases.

Phase one involves the construction of 2,100 houses. Phase two will see 30,000 square metres of land developed into a retail mall. Two schools, two churches and a 200-bed hospital will be constructed. Further infrastructural requirements will also be put in place during this phase. A four-star hotel will make up the last phase of the development.

Viwe Mlenzana, non executive chairman of Beryl Holdings, said that the benefits for SA were multifold.

Numerous South African professionals would be involved in the development process, providing opportunities for employment and facilitating a sharing of skills and knowledge between the two countries.

Last modified on Wednesday, 22 May 2013 22:41

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