A sprawling retail development that has stood unfinished for more than a decade may finally be getting a second chance.

The Villa Mall in Pretoria East, long known by locals as South Africa’s “ghost mall,” has remained largely untouched since construction stopped in 2010.

What was once planned as one of Gauteng’s biggest shopping destinations became a symbol of one of the country’s most high-profile property investment collapses.

Now, Nova Property Group, which manages assets linked to the failed Sharemax syndication scheme, says it is working to secure investors and financing needed to complete the long-delayed project.

For former investors and residents in Pretoria East, the latest plans offer renewed hope that a development left standing half-finished for years could eventually deliver on its original promise.

From flagship project to abandoned landmark

Located at the corner of Delmas Road and De Villebois Mareuil Drive in Wingate Park, The Villa was designed as a major retail and mixed-use complex with space for more than 300 tenants.

Its position near key residential suburbs and transport routes was expected to make it a leading commercial hub in Pretoria East.

Construction moved ahead quickly after work began in 2009, with the project reaching about 75% completion before funding dried up.

The setback came after the South African Reserve Bank ruled that Sharemax’s funding model contravened the Banks Act, leading to the collapse of the syndication scheme and bringing construction to a halt.

Nova seeks investors to complete development

Nova Property Group CEO Dominique Haese said the company remains committed to completing what is now the largest asset in its portfolio, valued at about $45 million.

“We are passionate about this project and excited about the progress made toward securing planning approvals and funding negotiations for the completion of this mixed-use development,” Haese told Daily Investor.

She said discussions are underway with several potential equity and debt funding partners.

Nova is also encouraging additional investors to explore opportunities to participate in the project.

Economic boost for Pretoria East

The scale of the development remains one of its strongest selling points. The four-storey complex includes nearly 89,000 square metres of gross lettable area, while a parking structure with more than 5,000 bays has already been completed.

Haese said the project could provide a significant economic lift for Pretoria East by attracting businesses, visitors and investment to the area.

Once funding is secured, Nova plans to restart construction immediately, with the goal of completing the development within two years.

If successful, the revival of The Villa would mark the end of a 16-year wait for one of South Africa’s most prominent unfinished property projects.