One of South Africa’s biggest shopping malls is getting a huge upgrade
The 70,000 square metre Somerset Mall is undergoing a massive expansion project, with the centre set to gain tons of new trading space for tenants.
Last year, JSE-listed Hyprop announced that Somerset Mall would undergo a massive revamp.
The mall will see an additional 5,500 sqm of retail space added, which should enhance the overall shopping experience for visitors. Overall, 50 new stores are to be added to the mall.
The mall is already the dominant shopping destination in the Helderberg region of the Western Cape, with it located at a busy intersection of the N2 and R44 highways.
The mall attracts close to 10 million visitors annually, and the redevelopment is set to increase foot traffic, tenant revenue, and regional investment.
At the group’s annual results webcast, Hyprop CEO Morné Wilken said the mall’s expansion is going well.
He noted that the expansion will improve the flow of the centre by creating a new link through the current Edgars store to the new Game store.
Edgars is right-sized in a new section of the centre, while Game is also right-sized to improve trading density.
The existing Edgars will be converted into an entertainment offering and a new food court. The new tenants at the centre will offer affordable luxury and athleisure stores.
Other upgrades to the centre include a retiling and an upgrade to the mall’s bathrooms.
The expansion will be done in two sections, with the first phase being completed in November 2025.
The second section, which includes the new food and entertainment experience and the new Edgars stores, will only be completed in July 2026.
However, in the shorter term, the mall’s retiling will be finished next month, while the bathroom upgrades will be completed in April 2026.
Financial results
The group said its financial performance was driven by double-digit growth in South Africa and Eastern Europe.
In South Africa, tenants’ turnover increased by 5.5% to R28.4 billion. Trading density grew 6.8%. Overall revision rate also remains positive at 4.3%.
The group also launched a new Checkers FreshX at Hyde Park Corner, taking over a location previously housing Pick n Pay.
“In South Africa, the political landscape remains volatile, and the economy is characterised by subdued growth, driven by persistent structural issues,” said the group.
“The improved electricity supply has brought some relief, with a positive impact on both retailers and consumers.”
Looking at the specifics, the group’s basic earnings per share rose by a massive 107.5% to 569.3 cents per share.
However, its headline earnings per share only rose by 2.7% to 307.5 cents per share.
The difference between basic earnings and headline earnings is due to a massive change in the fair value of investment property and a reclassified foreign currency translation reserve upon the disposal of a foreign operation.
The group’s dividend was upped by 9.9% to 308 cents per share.
| Metric | 2025 | 2024 | % Change |
| Net operating income (R’000) | 1 603 283 | 1 304 590 | 22.9% |
| Headline earnings per share (cents) | 307.5 | 299.5 | 2.7% |
| Basic earnings per share (cents) | 569.3 | 274.3 | 107.5% |
| Distributable income per share (cents) | 378.8 | 370.4 | 2.3% |
| Dividends per share (cents) | 307.69772 | 280.00000 | 9.9% |
| └─ Interim | 113.43000 | – | – |
| └─ Final | 194.26772 | 280.00000 | – |
| Net asset value per share (Rands) | 61.49 | 60.32 | 1.9% |
Somerset Mall images and renderings
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