Gold Reef`s hotel ripe for World Cup boom
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Property Reporter
DEVELOPERS of the R970m Gold Reef Towers development planned for Gold Reef City, south of Johannesburg, are confident they will benefit from spin-offs of the 2010 Soccer World Cup.
The Gold Reef Towers development, situated next to the Gold Reef Casino, will comprise a hotel and conference centre, as well a retail village with a residential and office component.
Ebrahim Patel , MD of the black-owned Gold Reef Towers company, said yesterday the complex would not just benefit from the soccer event in 2010 , but also from the run-up to the world tournament.
`Research has found that in world sporting events, the marketing that takes place in the years prior to the event builds up interest ,` Patel said.
He said the company expected a lot of people to visit SA prior to the event to `see what the country is about`.
The complex would also benefit from its proximity to Soccer City, formerly known as FNB Stadium, Patel said.
Property economist Francois Viruly, of Viruly Consulting, said developments such as Gold Reef Towers would be well positioned to benefit from the 2010 sporting tournament.
Construction of Gold Reef Towers is expected to start in February next year.
International hotel operator, the India-based Orchid Group, has already been signed up to operate the four-star, 150-room hotel. The conference facility will cater for 1000 delegates and will also have retail space on the floor for shoppers.
Oct 01 2004 07:41:28:000AM Nick Wilson Business Day 1st Edition
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