21 December 2003
The recently announced partnership between IFA Kuwait (IFA) and Moreland Developments (Pty) Ltd kicked-off with a major success in the Zimbali Auction in South Africa for local and international buyers and saw the release of 21 lots in the first phase of development.
James Wilson President and COO, IFA HOTELS & RESORTS stated “Since its inception in 1996, the Zimbali Coastal Resort development has achieved phenomenal success as a landmark premium coastal resort and residential estate in South Africa and our key objective as partners in this project is to firmly place Zimbali on the international destination resort scene, the first phase sales of single residential sites at Zimbali have surpassed our expectations. These prime beachfront and sea view sites achieved a significant increase in value proving an excellent investment for property owners.
“As a company we have great faith and confidence in the long-term economic potential of tourism in the KwaZulu Natal north coast and we believe that investors from the Europe and the Middle East will continue to share this confidence” said Wilson
Werner Burger, Vice President Sales and Marketing (Kuwait) for IFA Hotels and Resorts commented: “This was our launch of the joint venture Zimbali sales and we were delighted to have sold all properties within one hour at premium prices. The beach front sites sold for an average of $590,000 to $645,000 and as compared to the release of similar properties in Zimbali seven years ago that sold for $75,000, the growth in property prices is significant.
“We presented the properties for sale and extensively marketed the resort nationally in South Africa and carried out a marketing campaign ahead of the auction in Kuwait and Dubai and I was delighted to see that a number of plots were purchased by international buyers who clearly see the value of purchasing property in South Africa. Our loyal international client base which previously supported our overseas developments such as Pine Cliffs in Portugal and the Palm-Jumeirah in Dubai, also expressed an overwhelming interest in the Zimbali Resort with a number of sites snapped up by Middle East investors.
“Apart from a number of sites being purchased by international investors, we also had an excellent response from local South African clients.
“In the 1st quarter of 2004 we will be exhibiting Zimbali on various road shows and exhibitions and we will offer Zimbali properties for sale in Moscow, London, Dubai Portugal and Kuwait. In addition we will go live with Zimbali properties sales in London at the FDP Savills network of offices, at our new Sales Centre in Dubai and at our existing sales centre in Portugal.”
Local and international property investors bid hotly against each other as the auctioneer co-ordinated the intricate process of “inter-continental” bidding.
George Khoury, Vice President, Design and Development IFA Hotels & Resorts, said: “We are excited with the development at Zimbali, and are moving ahead with plans for the Five Star Zimbali Hotel & Golf Resort with a spa, luxurious Villas, vacation club suites and 18 Golf Course. We will design the hotel to ensure property owners and hotel guests can avail themselves of five star services in their villa, vacation club suite or hotel room.The overall quality and balance with the environment that has been achieved in the existing 300 Hectare resort, by our partners Moreland certainly places Zimbali as a top destination resort. Our concurrent developments in Zanzibar and at the Palm-Jumeirah in Dubai confirm IFA’s commitment to the development of tourism also in South Africa as well as the Sheraton Algarve in Portugal and the future resort in Lebanon thereby positioning our resorts as world-class tourist destinations.”
Morelands/IFA expects to release the second Zimbali phase shortly and is in the process of implementing a comprehensive package of bank mortgages for both local and international buyers.
“Like our resorts in Portugal and Dubai we expect to put in place shortly a property rental and management system for Zimbali using our expertise and international network to ensure that the properties are well maintained and able to deliver rental income and capital growth” said Wilson.
-Ends-
For further information contact:IFA Hotels & Resorts
celia@ifahotelsresorts.com
+965 2403796
Barbara Saunders/Greg Hunt
MCS/Action
Tel: +9714 390 2961
Fax: +9714 390 8161
Email: Barbara@mcsaction.com or
greg@mcsaction.com
Sony Elias
Account Manager
Tel: + 971 4 390 2960
Fax: + 971 4 390 8161
Dir: + 971 4 390 2972
MCS/Action
Part of Action Global Communications
The Golin Harris affiliate for the Arabian Gulf
The recently announced partnership between IFA Kuwait (IFA) and Moreland Developments (Pty) Ltd kicked-off with a major success in the Zimbali Auction in South Africa for local and international buyers and saw the release of 21 lots in the first phase of development.
James Wilson President and COO, IFA HOTELS & RESORTS stated “Since its inception in 1996, the Zimbali Coastal Resort development has achieved phenomenal success as a landmark premium coastal resort and residential estate in South Africa and our key objective as partners in this project is to firmly place Zimbali on the international destination resort scene, the first phase sales of single residential sites at Zimbali have surpassed our expectations. These prime beachfront and sea view sites achieved a significant increase in value proving an excellent investment for property owners.
“As a company we have great faith and confidence in the long-term economic potential of tourism in the KwaZulu Natal north coast and we believe that investors from the Europe and the Middle East will continue to share this confidence” said Wilson
Werner Burger, Vice President Sales and Marketing (Kuwait) for IFA Hotels and Resorts commented: “This was our launch of the joint venture Zimbali sales and we were delighted to have sold all properties within one hour at premium prices. The beach front sites sold for an average of $590,000 to $645,000 and as compared to the release of similar properties in Zimbali seven years ago that sold for $75,000, the growth in property prices is significant.
“We presented the properties for sale and extensively marketed the resort nationally in South Africa and carried out a marketing campaign ahead of the auction in Kuwait and Dubai and I was delighted to see that a number of plots were purchased by international buyers who clearly see the value of purchasing property in South Africa. Our loyal international client base which previously supported our overseas developments such as Pine Cliffs in Portugal and the Palm-Jumeirah in Dubai, also expressed an overwhelming interest in the Zimbali Resort with a number of sites snapped up by Middle East investors.
“Apart from a number of sites being purchased by international investors, we also had an excellent response from local South African clients.
“In the 1st quarter of 2004 we will be exhibiting Zimbali on various road shows and exhibitions and we will offer Zimbali properties for sale in Moscow, London, Dubai Portugal and Kuwait. In addition we will go live with Zimbali properties sales in London at the FDP Savills network of offices, at our new Sales Centre in Dubai and at our existing sales centre in Portugal.”
Local and international property investors bid hotly against each other as the auctioneer co-ordinated the intricate process of “inter-continental” bidding.
George Khoury, Vice President, Design and Development IFA Hotels & Resorts, said: “We are excited with the development at Zimbali, and are moving ahead with plans for the Five Star Zimbali Hotel & Golf Resort with a spa, luxurious Villas, vacation club suites and 18 Golf Course. We will design the hotel to ensure property owners and hotel guests can avail themselves of five star services in their villa, vacation club suite or hotel room.The overall quality and balance with the environment that has been achieved in the existing 300 Hectare resort, by our partners Moreland certainly places Zimbali as a top destination resort. Our concurrent developments in Zanzibar and at the Palm-Jumeirah in Dubai confirm IFA’s commitment to the development of tourism also in South Africa as well as the Sheraton Algarve in Portugal and the future resort in Lebanon thereby positioning our resorts as world-class tourist destinations.”
Morelands/IFA expects to release the second Zimbali phase shortly and is in the process of implementing a comprehensive package of bank mortgages for both local and international buyers.
“Like our resorts in Portugal and Dubai we expect to put in place shortly a property rental and management system for Zimbali using our expertise and international network to ensure that the properties are well maintained and able to deliver rental income and capital growth” said Wilson.
-Ends-
For further information contact:IFA Hotels & Resorts
celia@ifahotelsresorts.com
+965 2403796
Barbara Saunders/Greg Hunt
MCS/Action
Tel: +9714 390 2961
Fax: +9714 390 8161
Email: Barbara@mcsaction.com or
greg@mcsaction.com
Sony Elias
Account Manager
Tel: + 971 4 390 2960
Fax: + 971 4 390 8161
Dir: + 971 4 390 2972
MCS/Action
Part of Action Global Communications
The Golin Harris affiliate for the Arabian Gulf
© Press Release 2003
