Pearl Valley snapped up
2007-06-07
THE Dubai government is the new owners of Pearl Valley Signature Golf Estate and spa in Wemmershoek.
Dubai’s Leisurecorp, the investment arm of Dubai World, announced the purchase of Pearl Valley, the 170-hectare championship golf course and housing estate from its Malaysian owners last week.
The company, owner of the Jumeirah Golf Estates in Dubai, plans to invest heavily to develop Pearl Valley into a major international resort and residential golf community.
It follows parent company IstithmarIstithmar’s announcement of the one billion dollar acquisition of the V&A Waterfront in Cape Town late last year.
Sultan Bin Sulayem, chairman of IstithmarIstithmar’s parent company Dubai World, said: “This investment marks another important sign of our commitment to South Africa.
“Pearl Valley offers the chance to create a truly unique destination, wholly complementary to our investment in the V&A Waterfront. We shal commit all resources necessary to achieve that goal.”
David Spencer, chief executive of Leisurecorp, said: “Pearl Valley is one of South Africa’s most stunning golf courses, with challenging holes, spectacular views and - most important for us - huge potential.
“It is rightly regarded as one of the best courses in the country, a fact endorsed by its hosting of the South African Open later this year.”
Currently, Pearl Valley Signature Golf Estate and Spa has one 18-hole Jack Nicklaus-designed championship golf course, a 4500 square metre clubhouse and a 500-home gated residential community surrounding the course.
Spencer confirmed that Leisurecorp would look to expand the facilities at the development, with initial options including an additional 18-hole championship course, an equestrian centre and water sports facilities, further homes and residences, and one or more additional luxury resort hotels.
He emphasised that any further development would be managed sensitively, in keeping with the beauty of the surroundings, and would be carried out in consultation with the current residents and all the relevant local authorities.
It is hoped that the expanded resort will be ready for the FIFA World Cup in 2010, as Pearl Valley has already had several approaches from leading international football federations looking to accommodate their players.
Spencer also said that the company would look to build brand synergies between Pearl Valley and its Jumeirah Golf Estates development in Dubai.
“Jumeirah Golf Estates has an incredibly powerful offer and we want to investigate ways to leverage that strength internationally.
“Pearl Valley won’t lose its name or identity - but we will look for ways that its members and residents can benefit from the wider IstithmarIstithmar family.”
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