Hyprop plans to spend R58 million on a new development, in which it’ll re-open a new version of Ratanga Junction, the former iconic Cape Town theme park.
The company plans to open the newer, smaller park, which closed last year, as part of its capital expenditure programme for 2019.
The majority of Hyprop’s capital expenditure this year will go towards the new development, located at Canal Walk, Cape Town, where the food court and its outside areas will be revamped.
The development will include The Ratanga Family Entertainment Centre, which will feature new rides, as well as some revived Ratanga Junction rides.
The Canal Walk attraction will use the most popular and successful of Ratanga Junction’s former rides, including White Water Slides, the famous Peter Petz carousel, Bubble Boats for children and adult paddle boats on the canal.
Hyprop CEO, Morné Wilken, says that although domestic trading conditions are still not optimal – with reducing consumer spend and increasing uncertainty ahead of the upcoming national elections – “identified capital projects nonetheless require investment from Hyprop in order to keep the South Africa portfolio relevant”.
Wilken continued: “The revamp and expansion will not only enable Canal Walk to attract the entire range of gourmets from ‘quick-and-easy’ to connoisseur, but is in-keeping with the family-oriented nature of Canal Walk by providing children’s entertainment in close proximity to the eating area.
“The development speaks to the fact that malls in South Africa remain key destinations for retail and family entertainment, making this a worthwhile investment over the long term.”
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He explained that Hyprop will continue to keep a close watch on other global retail and consumer trends, adding: “We believe Ratanga will definitely be a key differentiator for the mall and improve foot count as well as dwell time.”
The Ratanga Family Entertainment Centre is expected to open before the end of 2019, while the food court upgrade will open in the first quarter of 2020.
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Image: Ratanga Junction via Facebook