“The Reason Why Is Actually Insane”: Gent Shares Crazy Backstory of Abandoned Pretoria Mall in SA

• A content creator shared the story behind an abandoned shopping mall in Pretoria East that's been empty for 15 years
• The billion rand project was 75% complete when funding stopped, and the building was left to crumble
• Thousands of South Africans lost money after the Reserve Bank ruled the funding method illegal
• Briefly News spoke to entrepreneur Rajesperi Naidoo regarding why it is important to do proper legal background checks on a business idea

A Facebook content creator @Cool Story Bru from the Western Cape, shared the story of an abandoned shopping mall in Pretoria East, which explains why it's been sitting empty and unfinished for over a decade. The Sharemax Villa Mall was supposed to be one of the biggest shopping centres in South Africa, but construction stopped in 2010 when the building was about 75% complete. The massive R3.5 billion development has been slowly falling apart ever since, and the reason it was abandoned left many people stunned.

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The man shared that the mall was funded through a scheme where developers asked regular people from the public to invest their own money into the project. They promised big returns to investors, but things didn't go according to plan. The South African Reserve Bank stepped in and ruled that this funding method was illegal because it worked like a Ponzi scheme. Once the ruling came down, Sharemax's funding dried up completely, and the project had to be abandoned. To this day, people who invested are still owed money from the failed investment scheme.

The video showing the abandoned mall went viral. Many South Africans were happy to finally get answers about the building they'd seen or driven past for years. Some people questioned why it was considered a scam if there was actual progress with the construction. Others came up with creative ideas for what should happen to the incomplete building, with suggestions ranging from turning it into a hospital to converting it into housing for people who need homes.

Speaking to Briefly News writer Nerissa Naidoo, entrepreneur Rajesperi Naidoo explained that:

"Proper legal background checks help protect investors from scams, hidden debts and unlawful business practices. Understanding the legal standing of both the idea and the people behind it builds trust, reduces risk, and ensures you are putting your money into something legitimate and sustainable, rather than facing costly legal or financial problems later on."

SA reacts to abandoned mall's backstory

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Netizens shared their thoughts on what people could do to reuse the mall in a way that would help people in the country on the Facebook page @Cool Story Bru:

@xavier_le_roux thought:

"Turn into housing for the displaced and disadvantaged. Or yeah, a government hospital 👍"

@dylan_fensham shared an interesting fact:

"Did you know that the Reserve Bank itself is also semi-private. Dawie Roodt has shares in the Reserve Bank."

@dorothy_marshall agreed with the housing idea:

"No, they should see if they can be redone onto flats as we need homes. We have plenty of shopping malls."

@lebohang_gloria_selepe said:

"Step in. Finish building the mall."

@madlamini_dlamini shared:

"Every time I drive past that Mall, I always wonder why it can't be finished. Now I know."

@roland_borea shared his painful personal story:

"My mother invested R400K in that Sharemax mall. The financial adviser who finalised her will told me that the money was 'lost'. Unrecoverable. I think that nothing can be done with the actual building because NOBODY owns it. It's a legal mess of the first degree."

Watch the Facebook clip below:

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3 Other malls stories in SA

• Briefly News recently reported on a Pretoria woman who claimed she almost had to pay nearly R1,000 for parking at Menlyn Mall.
• An American tourist visited Baywest Mall in the Eastern Cape and couldn't believe how it looked, challenging stereotypes about Africa.
• Mzansi welcomed an American couple who moved to Johannesburg after they filmed their surprise at not being rushed out of a mall two hours after closing time.

Source: Briefly News