The Mantis Collection and Val de Vie Estate have purchased the Pearl Valley Golf and Country Estate. Mantis, together with Val de Vie, acquired the Pearl Valley Golf and Country Estate from Standard Bank and aim to create a super estate under The Pearl Valley and Val de Vie brands, combining the synergies of both Mantis and Val de Vie.
Mantis chairman, Adrian Gardiner and Val de Vie chairman, Martin Venter, have been friends for many years and both have expressed their excitement of the combination of two major brands, Mantis for its hospitality prowess and Val de Vie for its unprecedented development and real estate marketing expertise.
“The mutually beneficial inclusion of Pearl Valley within the larger Val de Vie family and among its other diverse offerings, completes the vision of providing the ultimate in secure, luxury living,” said Martin Venter, founder and chief executive officer of Val de Vie Investments.
The acquisition included the entire first phase of Pearl Valley, the Jack Nicklaus Signature golf course, the clubhouse, an hotel site on which the Mantis Collection Pearl Valley Hotel will be developed, a 20 hectare equestrian farm, approximately 80 serviced and unsold plots, as well as 150 un-serviced residential plots.
Pearl Valley has had an interesting history:
- The development began in 2002 under the ownership of a Malaysian investor, Dr Lim
- In 2007 the project was purchased by Dubai World
- In 2011 the directors announced a business rescue strategy in terms of the Companies Act. The move was brought on by recessionary trading conditions and an oversupply of golf estates at the time, which saw shareholders financing operating losses. Standard Bank acquired the Pearl Valley Estate and it was removed from business rescue. The bank successfully managed and developed the estate to the extent that Pearl Valley was this year ranked the number one residential estate in South African by New World Wealth.
Mantis, together with its partner, Val de Vie, will commence construction of the Mantis Pearl Valley Hotel in early 2016. The hotel will be a Mantis luxury hotel with the first phase including 40 rooms and a conference centre. Phase two and three will follow providing an eventual hotel of 150 keys.
“There could not be a more exciting phase in the development of this mega estate, and our partnership with the world famous Mantis Group adds significant value to the group,” says Mr Venter.
Mr Gardiner adds: “Mantis is currently in an exciting development stage having recently announced that it is the only hotel group in the world to be represented on all seven continents. The teaming up with one of the best residential estates in the world, which includes property, wine, events, polo and sport and now a world famous Jack Nicklaus Golf Resort is indescribable. The management and marketing teams of both estates will add significant value to the Mantis Group.