IFA Hotels & Resorts and South African joint venture partner Moreland Developments has acquired a further 2.54 million square meters of land in South Africa on the south bank of the Tongaat River from the Tongaat-Hulett Group for approximately US$10 million.

The land is situated opposite Zimbali Lakes, located on the north bank, and will be utilized for residential development including a retirement village.

Mr. Talal Jassim Al-Bahar, Chairman and Managing Director of 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, 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 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."

The net developable area is approximately 1.4 million square meters and the land can be characterized as mostly north-facing, elevated land with spectacular and dramatic sea views over the Tongaat River estuary and Zimbali Lakes towards the existing Zimbali Coastal Estate. The balance of the land comprises flood plain and conservation areas.

The rationale for acquiring this land is to leverage the value-add arising out of 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" adds Mr. Al-Bahar.

Mr. Werner Burger, President and COO of 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 Africa sub-continent affirms its commitment to ongoing direct investment in South Africa and neighbouring countries."

Mr. Al-Bahar concluded: "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."