IFA Hotels & Resorts and its South African joint venture partner Moreland Developments have acquired 2.54 million square metres of land on the south bank of South Africa's Tongaat River for $10 million (Dh36.7m), the companies announced yesterday.
Located opposite Zimbali Lakes, which sits on the river's north bank, the land will be used to build a residential development project that includes a retirement village, an e-mailed statement said.
"This facilitates the creation of a large well-planned resort node north of Durban between Umhlanga and Ballito and within close proximity of the proposed King Shaka International Airport," said Talal Jassim Al Bahar, the Chairman and Managing Director of IFA.
"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 said.
The elevated plot of land yields a net developable area of approximately 1.4 million square metres.
By Emrates Today Staff
Emirates Today 2006
