PRZOOM - /newswire/ -
Dubai, UAE, United Arab Emirates, 2006/08/26 - Acquisition of 2.54 million sq meter of land is part of group’s strategy for developing resort nodes along South Africa’s KwaZulu-Natal coast..
IFA Hotels & Resorts (IFA HR) and its South African joint venture partner Moreland Developments have acquired a further 2.54 million square metres of land on the south bank of South Africa’s Tongaat River from the Tongaat-Hulett Group at a cost of an approximate US$ 10 million. Located opposite Zimbali Lakes, which sits on the river’s north bank, the land will be utilised for a residential development project that includes a retirement village.
Talal Jassim Al-Bahar, Chairman and Managing Director, IFA Hotels & Resorts said: “The incorporation of this South Bank area into the Zimbali Lakes Development is exciting as it facilitates the creation of a large well-planned resort node north of Durban between Umhlanga and Ballito and within close proximity to the proposed King Shaka International Airport.”
“A host of resort opportunities including hotels, lodges, villas and apartments are proposed to be built on this plot. The sale of the land into the IFA/Moreland joint venture is in line with the group’s strategy of developing strong resort nodes at various strategic locations on KwaZulu-Natal’s north coast,” he added.
The mostly north-facing, elevated plot of land yields a net developable area of approximately 1.4 million square metres and offers spectacular and dramatic sea views encompassing the Tongaat River estuary, Zimbali Lakes and the existing Zimbali Coastal Estate. The rest of the land comprises flood plain and conservation areas.
IFA HR’s rationale for acquiring the land is to leverage the value-add arising out of its Zimbali brand, the Zimbali Lakes development and the planned Gary Player signature golf course. “This is one of the most pristine developable areas between the city of Durban and the Tugela River, and will provide some of the finest north coast residential opportunities over the next ten years,” observed Al-Bahar.
Werner Burger, President and COO, IFA Hotels & Resorts said: “The global IFA group has already contributed to the country’s transformation as the single largest foreign direct investor in KwaZulu-Natal tourism. The IFA group’s continued expansion into the African sub-continent affirms its commitment to ongoing direct investment in South Africa and neighbouring countries.”
“We are committed to expanding the group’s interests globally. IFA South Africa will serve as a platform for continued investment in Africa to expand the group’s global network of resorts, ensuring that we continue to deliver prime opportunities in tourism and real estate to our global investors,” concluded Al-Bahar.