IFA invests in RSA resort

The International Financial Advisors Kuwait consortium has also announced its plans to invest in a South African resort this week. The announcement marks one of the largest foreign international transactions in South Africa’s tourism industry.

  • E-Mail
By  Eudore Chand Published  December 14, 2003

|~||~||~|The International Financial Advisors Kuwait consortium has also announced its plans to invest in a South African resort this week. The announcement marks one of the largest foreign international transactions in South Africa’s tourism industry; the consortium will invest US $100 million over a 10-year period in the Zimbali Resort.

The joint venture was presented at an official press function announcing the joint venture between Moreland and IFA Hotels & Resorts for the future development of Zimbali Coastal Resort as an international resort destination.

With an initial investment of US $10 million, IFA has acquired a 50% equity stake in the renowned Zimbali Coastal Resort in the KwaZulu-Natal region, north of Durban. The joint venture that was formed, Moreland / IFA Resort Developments, is with Moreland Developments, one of South Africa’s leading land developers and property subsidiary of the Tongaat-Hulett Group, a major South African company. The existing Zimbali Resort covers 3.7 Mm2, and the expansion of resort will add a further 3.5 Mm2 with 340 properties sold to date.

Additionally, IFA Hotels & Resorts, a subsidiary of IFA, has purchased 1 Mm2 to build a 300-bedroom, five-star hotel, golf course and vacation club.

The total economic value of the first phase of the joint venture’s intended development plan is estimated to be around US $350 million. This is expected to increase to US $570 million in new capital investment attracted into the area over the 10 year planned development.

The joint venture land will include the sale of 700 freehold properties on the beach and around the existing golf course followed by a further 500 freehold properties, villas, apartments and condominiums on an adjoining lagoon.

“The Zimbali Coastal Resort, one of the leading property developments in South Africa, boasts the five-star Zimbali Lodge, rated by Conde Naste Magazine as one of the top 31 hotels in the world, an 18-hole golf course designed by Tom Weiskopf and currently rated among the top 25 courses in South Africa, country club facilities and tennis courts, a beach club and an extensive network of nature trails within a secure perimeter estate,” said James Wilson, President & COO, IFA Hotels & Resorts.

“The IFA Zimbali Hotel and Beach Resort will feature a beach club with stunning views of the Indian Ocean, a world class spa, vacation club suites, a country club, resort shopping and luxury villas built around a new 18-hole golf course and will be managed by a top international hotel company. This is an expansion of IFA’s business in South Africa.”||**||

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code