Mid East investors eyeing South African property

"A number of investors from the region have bought land in our Zimbali resort, in KwaZulu Natal, following the continued exposure IFA is giving to South Africa via exhibitions and road shows across the Middle East," said James Wilson, President and Chief Operating Officer, IFA Hotels & Resorts.

"Our already significant and expanding client base, which has invested in Portugal and on The Palm-Jumeirah in Dubai, is now being exposed to the South African potential via the IFA network."

Meanwhile, prime golf fairway and golf course land surrounding the Zimbali golf course and which offers magnificent sea and fairway views is to be released for sale at the end of this month by Moreland/IFA Resort Developments - a joint venture between IFA and South Africa's Moreland Developers.

"This long-awaited release of land around the fourth and fifth fairways of the existing golf course, is expected to create great excitement among prospective buyers," said Wilson.

"The sales of residential sites at Zimbali, has confirmed that our investment in South Africa's KwaZulu Natal coastline was the right decision as the take up on sales has surpassed our expectations."

Prime beach front sites in Zimbali have increased in value over 500% in five years. "The next phase of site releases at the end of March will be the largest, and these sites have not been available for seven years," said Wilson.

"Since we invested in Zimbali at the end of 2003, we have been in a process of consolidation and expect to make some further announcements shortly that will add value to our investments in Zimbali and will create tremendous value to our network of Middle East, Africa and Indian Ocean investments."

Moreland/IFA Resort Developments says the surge in property investment in KwaZulu Natal has resulted in over US $15 million worth of new sites being sold within Zimbali over the past three months.

"Buyers from all over the globe, including the Middle East, have purchased and this has been facilitated by the existing IFA Hotels & Resorts international client base that Zimbali is now able to access," added Wilson.

The Zimbali Coastal Resort is a flagship signature development undertaken by Moreland/IFA Developments. "It highlights our total commitment on an economic level to investing in the future of the Northern corridor of KwaZulu Natal South Africa. The amazing sales success of the first and second phases can be attributed to the sound development philosophy and project management skills provided by Moreland and the resort marketing and operational experience brought on board by our joint venture partner, IFA Hotels & Resorts," said Neels Brink, Development Director, Moreland.

IFA Hotels & Resorts recently secured a strategic alliance with Sun International - South Africa's leading hospitality provider.

"We anticipate strong local and international demand for Zimbali properties and the tie-up with Sun International will lead to significant travel avenues opening up to Europe, Africa and the Middle East which, in turn, will result in a significant upsurge in new markets visiting KwaZulu Natal," said Wilson.

"It is the aim of IFA Hotels & Resorts to link its resorts in Portugal, Zanzibar and Dubai with South Africa and firmly place KwaZulu Natal on the international hotel and destination resort tourism map. Our Zimbali objective is to move towards closing the gap between Zimbali property prices and those of quality European resorts."