Joint Property Venture Signed for Cape Town - 09-30-08

September 30 - Property development in Cape Town will receive a serious boost thanks to a joint venture signed between the famous US-based Trump Organization and the local property tycoon, Neill Bernstein.

The venture, a 50-50 agreement, is considered to be one of the largest seen in a number of years in the city, and it is believed that the two parties plan to sink no less than R5-billion in commercial and residential property development over the next three years.

The deal signed is an exclusive ten year contract and property analysts predict that it will eventually produce over 300,000 square meters of real estate that will be resold for a profit.

None of the parties have pinpointed exact locations of potential development projects, although it is strongly believed that the new venture has its eyes on a number of possibilities already.

One thing made sure by both Neill Bernstein and Donald Trump, junior who is heading the project on behalf of the Trump Organization, is that they are not in a rush to jump into any project. "Quality is important, so if it takes longer, we will take our time," said Trump, jnr.

When asked whether the venture will take advantage of the rush of building that is currently happening in order to meet the demands of the World Cup event in 2010, Bernstein was adamant that it would not. "It is madness to jump into projects based on a two week event," he said. "I have little interest in rushing into new build projects."

The initial idea is to begin a three year development project in Cape Town and then later expand into the rest of South Africa, and even other countries on the continent. "This is a continent on which we don't have any developments," said Trump, jnr. "Now is the time. South Africa is the central business hub for Africa and we want to buy real estate when it is not at its peak."