R1bn mixed-use project planned at Ratanga Junction
THE land on which the Ratanga Junction theme park is located has been earmarked for a R1 billion Century City Square development project within the next four years, said Maggie Rowley, spokesperson for the landowners, the Rabie Property Group.
The proposed project includes a conference centre, a hotel, restaurants, offices and apartments. The conference centre and hotel have already been built, and were opened earlier this year.
While the rest of the development is advancing, said Rowley, further construction was dependent on the economy and market demand for offices and housing.
Rabie Property Group, through a subsidiary, fully owned the land and the park’s closure was hardly new news, said Rowley.
“When the time is right, the land will be redeveloped as a mixed-use precinct, which will consist of residential, commercial and leisure components. This is likely to be in the next two to four years, but the exact timing is impossible to predict accurately,” said Rowley.
Asked if maintaining the park was too costly considering the number of people visiting annually, Rowley said the company did not disclose financial information publicly.
“The park was acquired for development purposes, so at some stage when the land comes under development pressure, the theme park will be closed. Rides might be sold, but we are also exploring the possibility of retaining some of the kiddie rides for a smaller leisure attraction.”
There had been interest expressed in the rides from abroad for as long as the park had been operating, but no firm commitments had been made.