The R55m Baramall Shopping Mall will help Soweto residents shop on their doorsteps and cut their transport costs said Winnie Madikizela-Mandela at the official opening yesterday.
“Soweto will be our Sandton one day”, said Mandela.
She said the development was far more important than anyone realises.
Landmark Real Estate started developing the mall in early 2004. The project encountered town-planning issues and was under capitalised but funding from Nedbank and the Masingita Group in December 2004 saved the day.
Mike Nkuna, founder and major shareholder of the Masingita Group, said the centre would bring facilities to the people and not the other way round.
Nedbank and the Masingita Group own 55% of the mall. Landmark Real Esate holds the balance.
The 9 583m2 shopping mall is situated diagonally opposite Chris Hani Baragwanath Hospital in Diepkloof and next to SA’s biggest taxi rank, which is used by 240 000 people daily.
All 47 stores in the mall are fully let. Shoprite, OK Furnishers and Jet Stores are anchor tenants. Sowetan residents own and operate 16 of these stores.
The mall will also offer an internal radio station and television monitors. Residents can shop to music and screenings of Soccer World Cup matches, adds Ken Reynolds of Nedbank Corporate Property Finance.
