Acquisition of 2.54 million sq m 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.
-Ends-
IFA Hotels & Resorts - www.ifahotelsresorts.com
IFA Hotels & Resorts (IFA HR) are leaders in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa
Listed on the Kuwait Stock Exchange, with a market capitalization of US$ 2 billion, IFA HR's main shareholder is Kuwaiti based International Financial Advisors (IFA). IFA HR listed on the Johannesburg Stock Exchange Feb.27th 2006.
Globally, IFA HR has entered into strategic alliances and Joint- Venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, a strategic alliance with RCI (part of the Cendant's Group) and Moreland Developments (Pty) Ltd (South Africa), Boschendal Ltd, ( South Africa).
IFA HR aims to link its resorts to new parts of the globe, such as the US, the UK, Mauritius, Eastern Europe and the Far East. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
IFA HR's Worldwide Projects:
DUBAI
IFA HR is the largest investor on The Palm Island, Jumeirah.
- Fairmont Palm Hotel & Resort - A 400 room 5 star hotel on the trunk of The Palm, Jumeirah,
- Fairmont Palm Residence - 558 luxury Apartments (www.fairmontpalmresidence.com),
- The Palm Residence - Al Nabat and Al Haseer - two shoreline residential buildings with 246 apartments on the trunk.
- The Palm Golden Mile development - A Joint Venture with Nakheel, developers of The Palm. A project featuring over 860 luxury apartments, 19,500 sq. meters of office space and 22,000 sq. meters of retail space comprising of boutique shops and restaurants, stretching along a 1.5 kilometre of canal side corniche. (www.thepalmgoldenmile.com)
- A Mixed-Use Resort - A 1,000 room destination on the Crescent of The Palm (adjacent to Atlantis) comprising a Hotel, Vacation Club, Residences and Private Residence Club, to be managed by Fairmont Hotels & Resorts,
- Laguna Tower - A 40 storey mixed-use tower located in the Jumeirah Lake Towers, next to the Dubai marina, comprising residential apartments and a Hotel - Residence managed by M?venpick Hotels & Resorts, the M?venpick Hotel & Residence Laguna Tower Dubai, in addition to retail and restaurants along the waterfront. (www.lagunatower.com)
LEBANON
- Alabadiyah Hills - A luxurious mountainside retreat in Bhamdoun, overlooking Beirut. This 7.5 hectare project will comprise of high end residential villas, town houses, apartments, in addition to a world renowned spa and beauty clinic, which will be managed by Kempinski Hotels. (www.abadiyahhills.com)
- Four Seasons Hotel -IFA HR has a major share in the upcoming development.
PORTUGAL
IFA HR is the force behind the super-premium Sheraton Algarve Hotel (www.luxurycollection.com) and Pine Cliffs Resort (www.pinecliffs.com), part of Starwood's Luxury Collection.
SOUTH AFRICA
IFA HR listed on the JSE in 2006.
- Zimbali Coastal Lakes & Resort - IFA HR owns a 50% share in the luxurious resort, a 680 hectare prime residential and resort estate located on the North Coast of KwaZulu-Natal. (www.zimbali.co.za)
- Zimbali Lodge - IFA HR owns the exclusive Zimbali Lodge, managed by Sun International Limited. (www.zimbalilodge.co.za)
- Fairmont Zimbali - A new 150 key resort, with 115 Apartments, 17 luxury villas and 10 Fractional ownership units to be managed by Fairmont Hotels & Resorts. (www.fairmontzimbali.com)
- Boschendal Limited - A mixed_use resort development at this historic Cape Estate
KENYA
- Lonrho Hotels - IFA HR has a majority stake in 5 Lonrho Hotels in Kenya (www.lonrhohotels.com)
ZANZIBAR
- M?venpick Resort & Spa - Zanzibar- Located on the historic Tanzanian spice island, with joint venture partner Kingdom Hotel Investments, the new resort will be re-opened in the last quarter of 2006 and will be managed by M?venpick Hotels & Resorts. (www.zanzibarbeachresort.com)
UNITED KINGDOM
- YOTEL - IFA HR is the majority investor in the two YOTEL hotels in Heathrow and Gatwick. (www.yotel.com)
Investment And Hospitality Products
IFA HR programme of brand acquisition and developer partnerships will continue into the future and is evidenced by the ever growing strength of its product range:
IFA - Hotels & Resorts
IFA Properties
IFA - Lifestyle Membership Clubs
IFA - Vacation Ownership
IFA - Fractional Ownership
IFA - Hotel Ownership
IFA Yacht Ownership
IFA - Residences
IFA - Travel & Tourism
This unique product range enables IFA HR to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.
For further information please contact:
Orient Planet PR & Marketing Communications
Tel : +971 4 3988901
Fax : +971 4 3988941
Email : info@orientplanet.com
Website: www.orientplanet.com
© Press Release 2006
