INVESTMENTS: Wesgro On A Trot
Recent Western Cape Business News
The Western Cape, through the province’s investment promotion agency Wesgro, has bagged another major investment of R600 million in the property sector.
Realcor Holdings plans to open the doors of the five-star Blaauwberg Beach hotel in August this year.
The luxury hotel will employ 1500 contract workers during the construction phase and create a further 600 permanent jobs.
Blaauwberg will be managed by the world renowned Radisson group.
Realcor Cape MD Deonette de Ridder said she hoped the development would set the standard for others in its class.
“When I decided to speak to the Radisson about managing the hotel, I went to all their hotels in the world I could,” she said.
“Companies of this calibre are investing in the Western Cape. It’s going to have a snowball effect. I can’t wait for 2010 so the world can see what we can do.”
Wesgro has been in talks with Realcor since last year and has been instrumental in smoothing the way for the investment. Wesgro helped to speed up various approvals needed for the development, as well as assisting with accessing financing and government incentives.
“It’s always difficult in property development,” said Realcor Cape MD Deonette de Ridder.
“Wesgro helped with plan approval, publicity and sometimes just being a friend.”
The Blaauwberg Beach development once again sealed the Western Cape’s reputation as a premier investment destination, said Wesgro CEO Angelo Manzoni at the unveiling of the investment today.
Manzoni said that Wesgro was on course for another bumper year of investments.
In the financial year-to-date, which ends in March, Wesgro has attracted R820 million in investments to the Western Cape and is projected to draw R1.187 billion by end March. That’s just short of a target of R1.278 – but still not too bad, considering the poor investment climate over the past few years.
Wesgro has consistently exceeded its investment targets over the past five years, having lured R9.3 billion to the province between 2004/05 and 2008/09 – well above a target of R6.8 billion for that period.
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