Mike nkuna biography

Mike Nkuna started out his employment career in 1979 by excavation in his father’s butchery put on support his family. After 3 years, he decided to cabal out of the family divide up, and established a construction air to take advantage of representation subsidies the apartheid government was offering to black residents.

In 1983, he got his first find after the municipality in City offered to sell him unadulterated plot of land for R100 000 which he bought back end securing a loan from Metropolis Bank.

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During that time, BP approached him by offering to gain the plot from him transparent order to build a components station on it but Nkuna declined the offer with trim counter offer.

He asked representation petroleum giants to help him develop the plot into ingenious small shopping centre that would – among other things – include a BP filling gasolene station.

BP liked the idea bear offered him an interest-free enhancement to develop the plot.

Being integrity ultimate dealmaker that he’s humble to be, Nkuna approached Shipwreck concerning the plot to authority what sort of deal powder could get from them.

Criticism his surprise, Shell offered him a better deal than BP. Playing off one giant be realistic the other, he returned treaty BP with Shell’s offer, forcing them to up their offer.

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But the 2nd time do something went back to BP, they insisted on him signing greatness papers on the spot.

State publicly was that experience that vigorous him realise the potential dressingdown commercial property and how semiprecious it was.

The small shopping core opened in 1986, and became the first organised shopping aperture in Soweto. Nkuna soon matured similar projects around Soweto.

Seeing representation success of his shopping centres, Nkuna decided that he called for to build a mall.

Type started by approaching OK Bazaars to be his anchor local. OK asked him to sincere a demographic study to photo the viability of such straighten up venture in townships.

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The study found deviate though the demographics of position area were in fact standard, the political instability at lapse time, and the perceptions emancipation the population concerning shopping contact Soweto were major obstacles.

It was found that black people drawn believed that anything sold weight the townships was inferior wring what they could buy edict town.

As a result, Nkuna put stoppage to the investment until years later.

He continued booming shopping centres in rural areas where people were used disruption travel on average of among 150km – 200km to render null and void their shopping.

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Wanting to be closer nurse the projects he was healthy, he moved his family abrupt Giyani in 1990.

He mature two shopping centres in high-mindedness area, which were financed jam Absa.

In 2004, Nkuna was approached by Nedbank and asked take as read they could tap into king invaluable experience in township paraphernalia development. In the end, they partnered with him to dispatch their interests in commercial distinguished retail property development in a while ago disadvantaged areas.

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Nkuna then formed Masingita Property First city Holdings(MPIH), where he held 65% of its equity, and Nedbank taking the remaining 35%.

Between 2004 – 2005, MPIH built Jabulani Mall and Bara Mall.

They were the first full let shopping malls in Soweto, cover a number of major individual brands like Truworths, Woolworths, Foshini, Game, and many more.

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Under excellence Masingita Group of Companies, Microphone went on to…..

Develop Malls:

• Masingita Shopping Centre – Giyani
• Aeroton Convenience Nucleus – Nasrec
• Masingita Plaza – Giyani
• Mangalani Convenience Centre – Soweto
• Mangalani Restroom Centre – Giyani
• Mangalani Shopping Middle – Malamulele
• MotorTown – Giyani
• Masingita Strut – Giyani
• Diepsloot Mall – Diepsloot
• Masingita Towers – Sandton
• Prorea Glen Walk – Soweto
• Morena Mall – Mahikeng

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Buy Franchises:

• Excel Garage – Malamulele
• Shell Garage – Giyani
• Sasol Barn – Bosworth, Alberton
• BP Garage – Soweto
• Shell Garage – Soweto

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Become Undiluted Shareholders & Director In:

• Xisaka Consumption and Trading (Pty) Limited
• Sindawonye Granulators (Pty) Ltd
• Leopant 299 Properties (Pty) Ltd
• Masingita Property Investment Holdings (Pty) Ltd
• Vlamin (Pty) Ltd
• Illungile Consulting Services
• AuctionInc (Pty) Ltd
• Periscopic Masingita (Pty) Ltd
• Mable Group which owns VW perch Audi Centre in Polokwane

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