Interested buyers, all 50 of them so far, are sharpening their knives ahead of the sale of Rebosis Property Fund and its various properties, which includes Hemingways Mall, East London’s most prestigious retail property, as well as Baywest Mall in Gqeberha. Secret written offers will be submitted this week, but eventual decisions on the bids could drag on until Christmas.
Mthatha’s BT Ngebs City mall, one of the Eastern Cape’s flagship malls founded by property mogul Sisa Ngebulana and named after his grandfather Buchanan Tandi Ngebulana, is going up on sale. The R1.4bn, 60,000m² shopping centre was opened by Ngebulana’s Billion Group in June 2015 to much fanfare.