![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2025\/01\/Villa-Mall-10.jpg\")
<\/a><\/figure>\n\n\n\nIn May 2023, Villa Retail Park Investments, controlled by the Nova Property Group, offered to acquire The Villa.<\/p>\n\n\n\n
Nova Property Group CEO Dominique Haese said<\/a> the group\u2019s goal remains to complete the construction of the Villa Mall.<\/p>\n\n\n\n Haese said repaying relevant Villa Debenture Holders who had historically invested in this project was even more important.<\/p>\n\n\n\n According to the Nova Property Group\u2019s annual financial statements, debentures linked to Villa Retail Park amounted to R690 million.<\/p>\n\n\n\n However, she said this was funding-dependent. Funding to complete the Villa Mall is being pursued.<\/p>\n\n\n\n \u201cUnfortunately, no further details than what has been communicated can be shared at this stage, but any material will be communicated when appropriate,\u201d she said.<\/p>\n\n\n\n In a communique from December 2023, Nova Property Group stated that the goal was to complete the project within three years.<\/p>\n\n\n\n It remains to be seen whether this plan will materialise, as legal entanglements have prevented any resolution thus far, leaving the mall empty and unfinished.<\/p>\n\n\n\n The project has been abandoned for fifteen years, and a recent visit to the site showed no sign of activity.<\/p>\n\n\n\n The Nova Property Group\u2019s annual financial statements for the year ended 29 February 2024 raised further concerns about its financial state.<\/p>\n\n\n\n It showed that the Nova Property Group has assets of R2.244 billion and liabilities of R2.360 billion, resulting in negative equity of R90 million.<\/p>\n\n\n\n It means that Nova Property Group is technically insolvent. Simply put, it cannot settle all its liabilities if all its assets are liquidated.<\/p>\n\n\n\n It is not a death sentence. There are situations in which a company is technically insolvent but still able to meet its financial obligations.<\/p>\n\n\n\n However, technical insolvency creates a situation where bankruptcy becomes a more likely outcome if left unchecked.<\/p>\n\n\n\n Nova Property Group reported a loss of R46 million for the year, further weakening its financial position and raising doubts about its prospects.<\/p>\n\n\n\n The Villa Retail Park is the biggest asset in the Nova Property Group portfolio, with a \u201cfair value\u201d of R750 million.<\/p>\n\n\n\n The property had a purchase price of R1.598 billion. However, a reversal in the purchase consideration and fair value adjustments reduced the value to R750 million.<\/p>\n\n\n\n \u201cThe Villa Retail Park has been disclosed at 80% of its fair value based on the last valuations performed,\u201d Nova Property Group said.<\/p>\n\n\n\n The last valuation of The Villa Retail Park was on 28 February 2022, performed by Mr. E Uys, Mr. A Steyn, and the board of directors.<\/p>\n\n\n\n The Nova Property Group, which has been involved in a decade-long legal battle surrounding The Villa shopping mall, is technically insolvent.<\/p>\n","protected":false},"author":10,"featured_media":793917,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[22429,21444,21143,22427,22428],"class_list":["post-822744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-dominque-haese","tag-nova-property-group","tag-sharemax","tag-the-villa-retail-park","tag-villa-retail-park"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/822744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=822744"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/822744\/revisions"}],"predecessor-version":[{"id":822955,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/822744\/revisions\/822955"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/793917"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=822744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=822744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=822744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\n\n\nVilla Retail Park photos<\/h2>\n\n\n\n
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