Steyn City. Picture: SUPPLIED
Steyn City. Picture: SUPPLIED

Insurance mogul Douw Steyn and property developer Giuseppe Plumari have announced that they have commenced stage two of Steyn City, the exclusive lifestyle estate located in Gauteng at a cost of R5.5bn.

They will develop 731 new apartments and houses and 11 penthouses in Steyn City, which was opened in 2015.

Plumari, CEO of Steyn City Properties, said on Wednesday that weak economic conditions and slower-than-desired sales of the 220 housing units included in the first phase  meant the second phase could only be launched now.

“I want to create the best lifestyle estate on earth. We have the best weather in the world here and we can provide things at this estate which compete with anywhere in the world,” he said.

Plumari said dedicated investment in the estate signalled a huge vote of confidence in SA’s economy, despite a spiralling unemployment rate and a slump in the housing market.

“We see pressure on house sales for the middle, upper and luxury segments but this will pass. We are building a community at Steyn City and already have more than 1,000 people living here. We will invest consistently over more than 10 years on this fantastic estate,” he said.

andersona@businesslive.co.za