The Dubai World and London & Regional Properties consortium has announced plans to invest more than US$ 1 billion in the V&A Waterfront over the next four years, following its successful purchase of the development last month.

The consortium has outlined a three-stage development strategy which will see improvements to the Waterfront starting immediately.

The first stage, over the next six months, will see landscaping and beautification measures, additional car parking space, commercial facilities and improvements to pedestrian access to the area.

The second stage, over the next three years, will ensure the V&A Waterfront is one of the highlights of the World Cup 2010, with the development of new hotels and resorts, creation of promenades, and entertainment areas, marinas, new shopping developments and new apartments and offices.

The third stage will see the development of new facilities to consolidate V&A Waterfront's status as a leading global resort, with potential elements including a new yacht club and further marina development, a cruise ship terminal, a train station and improved connections to the airport.

The details were announced by James Wilson, chief executive of Nakheel Hotels & Resorts, a Dubai World company which will be leading the development of the Waterfront on behalf of the consortium.

At a speech in Cape Town he said: "Our vision is to create the Riviera of South Africa, developing a resort that will become a global attraction.

"We are bringing the resources, skills and expertise that have transformed Dubai to this exciting development, building on the strong foundations already in place. By partnering with world class brands and developers, we aim to take the Waterfront to the next level."

The bulk of the new developments could be completed before 2010, when South Africa hosts the World Cup. Wilson said: "The World Cup in 2010 is a massive opportunity for South Africa to showcase itself on a global stage. We plan to make sure that Cape Town is seen as one of the highlights, with a waterfront to rival any in the world.

"But we are also looking to the long-term, with plans that ensure the Waterfront becomes one of the leading tourist destinations in the world.

The V&A Waterfront project brings together Dubai World's investment company Istithmar, leading UK-based pan-European property company London & Regional Properties, and a number of South African Broad-Based Black Economic Empowerment ("BEE") investors.

Their consortium was successful in its bid to purchase Victoria & Alfred Waterfront last month. The announcement is further demonstration of the joint venture's commitment to regenerate the waterfront community and transform Cape Town.

The Victoria & Alfred Waterfront in Cape Town is a mixed-use prime waterfront real estate development in which shopping and entertainment venues are intermingled with office locations, world-class hotels and luxury apartments in the residential marina and active fishing port. Its leading hotels include Sun International's Table Bay Hotel and The Cape Grace.

Established by South African Government-owned Transnet in 1988, V&A Waterfront now attracts more than 22 million visitors a year, making it Africa's number one property, leisure and retail development.

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