Trump turns to South Africa

Property entrepreneur Donald Trump is now looking to South Africa for his organisation's latest property developments. It will be his first venture on the African continent…

His Trump Organisation has signed an exclusive ten year deal with Cape Town's property developer Devland whose chairman Neill Bernstein is often referred to as South Africa's Donald Trump.

They are looking at developing residential and hotel projects worth millions of dollars in the next three years. It is expected to cover some 300,000 square metres but further details have not yet been released.

Bernstein said there would be no mad rush to push the projects forward and the companies had no intention of using the 2010 football World Cup as a springboard for the projects.

"It would be madness to jump into projects based on a two-week event. I have little interest in rushing into new-build contracts," said Bernstein.

Trump's son, Donald Trump junior, Executive Vice-President of development and acquisition for the Trump Organisation, has been in South Africa assessing development options. Cape Town is top of the shopping list.

"Quality is important. We will take our time finding locations," he said. But he conceded that the future projects are likely to be leisure orientated with golf facilities and a mix of residential and resorts.

It is Trump's first venture into South Africa. "This is a continent on which we don't have any developments. Now is the time. South Africa is the central business hub for Africa. We want to buy real estate when it is not at its peak," added Trump junior.

Bernstein said the deal would bring a much needed flow of intellectual capital into the country's property market.

Source: www.propertywire.com

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