IFA Hotels & Resorts acquires
more land in South Africa
 IFA HR and our partner, Moreland Developments, have
acquired a further 2.54 million square metres of land in South Africa on the south
bank of the Tongaat River.
Purchased from the Tongaat-Hulett Group for approximately US$10 million, the land
is situated opposite Zimbali Lakes and is set for residential development which
will include a retirement village
Talal Jassim Al-Bahar, Chairman & Managing Director of IFA HR 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 area, north of Durban between Umhlanga
and Ballito and within close proximity to the proposed King Shaka International
Airport. A range of resort opportunities is being considered including hotels, lodges,
villas and apartments. The acquisition of the land by 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.”
Around 1.4 million square metres of the land is suitable for development. It is
mostly north-facing and elevated, with spectacular sea views over the Tongaat River
estuary and Zimbali Lakes towards the existing Zimbali Coastal Estate. The balance
of the land is flood plain and beautiful conservation areas.
IFA HR is certain that the acquisition will add value to the 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,” Al-Bahar added. “We are committed to expanding the group’s
interests internationally. IFA South Africa will serve as a platform for ongoing
investment in Africa to expand the group’s global network of resorts, ensuring that
we continue to deliver prime tourism and real estate opportunities to our investors
worldwide.”
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