R400m Junction Mall on track
The Junction Mall, which has been in planning for more than three years, finally broke ground in January 2018.
The mall, which will be the second major shopping mall in the Philippi area, with 37,000 sqm of retail space, is on the site of the old Eisleben Business Park which fell into disrepair and was demolished to make way for the new mall.
The developer intends to provide for two large food retailers and numerous other shops that will bring mainstream retail facilities to the communities of Philippi.
The project value is reported to be an investment of over R400-million, making this the largest privately funded investment in Philippi ever.
This all forms part of the potential outlined in the 2013 DEMACON report which showed the potential of Philippi as a destination for investment.
The line items below are the value-add potential for the City of Cape Town and the Philippi residents that was identified by the DEMACON study :
Market Data Analysis: (2015 – 2023)
- Public Sector Social Amenities: 67 Ha
- Private Sector Office development: 10 Ha
- Private Sector Light Industry development: 49 Ha
- Private Sector Retail development: 90 Ha
- Residential development: 300 Ha
- Potential R8.1 billion sustainable feed into the fiscus from PAYE, VAT and Company taxes annually
- Potential R700 million sustainable feed from property rates and taxes annually
- Potential GGP once off construction R8 billion creating almost 60,000 jobs
- Potential GGP sustainable operational R15 billion annually, creating 52,000 jobs