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Jun 04, 2007:
Dubai’s Leisurecorp has followed up its $1bn purchase of the Cape Town Waterfront by buying the Pearl Valley Signature golf estate on the Cape Winelands.
Pearl Valley is a 170ha Jack-Nicklaus-designed course. Leisurecorp intends to add a second golf course to the existing course. The estate will comprise one or more luxury hotels, an equestrian centre and a gated residential development.
Sultan Bin Sulayman, chairman of parent company, Isithmar, said: “This investment is further evidence of our commitment to SA.”
David Spencer, CEO of Leisurecorp, said: “Pearl Valley is one of SA’s most stunning golf courses, with challenging holes, spectacular views and huge potential.”
He said further development would be undertaken sensitively to preserve the beautiful environment.
The investment will be housed in subsidiary, Jumeirah Golf Estates. This company’s estate in Dubai comprises four courses – earth, wind, water and fire. These were designed by Greg Norman, Vijay Singh, Sergio Garcia and Pete Dye. The company will seek synergy between the Dubai and Cape Wineland developments.
Isithmar, owned ultimately by the government of Dubai, has an investment portfolio of 50 companies, including Kerzner Group, easyHotels, W Hotel Union Square, Jumeirah Golf Estates and the Cape Town Waterfront.
