Property

New plans for the half-built ‘ghost shopping mall’ which has stood empty for 16 years

Kirsten Minnaar • 4 June 2026

Sixteen years after construction stopped, Nova Property Group is pursuing funding and investment partners to complete Pretoria’s unfinished Villa Mall mega-complex.

The Villa Retail Park in Moreleta Park, Pretoria, was once envisioned as one of South Africa’s largest shopping centres and the flagship development of the Sharemax property syndication scheme.

Located on the corner of Delmas and De Villebois roads, the mall was planned as a 90,000-square-metre retail destination with more than 300 tenants.

The new mall was positioned as a competitor to nearby shopping centres such as Menlyn Park. Construction began in 2009 and progressed rapidly, with the project approximately 75% complete by 2010.

However, construction came to an abrupt halt when the South African Reserve Bank found that Sharemax’s funding model contravened the Banks Act.

The intervention cut off funding to the syndication scheme, consequently triggering its collapse and leaving the partially completed mall abandoned.

Over the following 15 years, the project became entangled in extensive legal disputes linked to the Sharemax collapse.

Despite periodic discussions about reviving the development, the structure has remained unfinished and vacant, becoming a prominent eyesore in the area.

The Nova Property Group was established as the rescue vehicle to manage the properties and assets formerly owned by Sharemax.

In 2023, a company controlled by Nova Property Group offered to acquire The Villa, with the stated goal of completing the mall and creating value for former investors who had funded the project.

Nova chief executive Dominique Haese previously said the group’s priority is both to complete the development and to repay investors linked to the project.

However, progress remains dependent on securing sufficient funding. While Nova previously indicated that it hoped to complete the mall within three years, little visible progress has been made.

The Villa remains the largest asset in Nova’s portfolio and is valued at approximately R750 million in the company’s financial statements.

New plans for Villa Mall

Despite how long the project has gone unfinished, Haese told Daily Investor that Nova Property Group is still optimistic about Villa Mall’s future.

“We are passionate about this project and very excited with the progress the Nova Property Group has made toward securing the final stage planning and funding negotiations for completing this Mega-Complex Mixed-Use Structure,” she said.

“Multiple possible partners are already being engaged with, both on Equity and Debt funding, to achieve the completion.”

“We continue to welcome such discussions and invite anyone who is interested in participating in this incredible partnering/investing opportunity to contact the Nova Property Group for discussions.”

Haese explained that completing and finding tenants for the Villa Mall Mega-Complex Mixed-Use Structure, with its many additions and offerings, will be a great offer great economic benefit for the area.

Not only will it benefit the Wingate Park area, but it will also offer economic upliftment to Pretoria East as a whole, its residents, and attract outside destination visitors.

The Villa Mall is situated on the corner of De Villebois Mareuil Drive and Delmas Road in the suburb of Wingate Park, Pretoria East, Gauteng, South Africa.

Being situated on a prominent corner, Haese explained that it enjoys excellent exposure and ample passing trade.

“Popular beacons within the immediate node include the Winmore Village Shopping Centre (neighbourhood centre), which also has a filling station, as well as the Wingate Park Country Club.”

In addition, access to the Villa Mall stand is off both Delmas and the minor road leading to Wingate Golf Estate.

“The greater surroundings are mainly residential in nature, and the neighbouring suburbs include Pierre van Ryneveld, Elarduspark, Rietvalleirand, Moreleta Park and The Meadows.”

“The development is situated equidistant between the N1 Highway and the popular Rietvlei Dam, both of which are situated within a 4-kilometre radius from the property.”

Haese explained that the Villa Mall structure offers many upsides, including size and zoning rights, for potential investors.

“Phase 1 of this four-story Mega Complex is a multi-billion-rand development which is currently 75% structurally completed.”

“It comprises a Gross Building Area of 302,744 m², of which 111,285m² is zoned for, inter alia, offices, conferencing facilities, education, training, entertainment and retail.”

“The Gross Lettable Area is 88,693 m² with a parking garage, already constructed, with 5,075 parking bays.”

The complex was also previously awarded a four-star Green Star Design rating by the Green Building Council of South Africa.

“On finalising the securing of the funding, the intention is to immediately trigger the completion of the Mega Complex over a 2-year period,” Haese said.