IFA Hotels and Resorts, the master developers of Zimbali Lakes Resort, announced on Wednesday that in the last five years it has netted R1.6billion in sales, suggesting that the KwaZulu-Natal north coast is attracting high income buyers and developers to the region.
The group said this includes the sale of 11 units of its exclusive, multi-unit residential development, Tatali Signature Villas, valued from R4 million to R22 million in a 48-hour period.
Wayne Krambeck, senior vice-president of operations at Zimbali, said the recent launch and success of the limited Tatali Signature Villas show that the market is enthusiastic and sees potential in the products being developed at Zimbali Lakes.
“Record sales values were achieved, with stands selling for between R4 million and R22 million.
“We sold 11 out of the 14 multi-unit residential opportunities within 48 hours of the bidding opening,” he said.
The group said a single site was sold for R22 million.
“The R22 million bullnose site at the front has an option of 10 units (villas) to be built. There are only 14 and set in a crescent at the top of the estate.”
Chief executive officer of Zimbali, Werner Burger, said their vision is to offer world-class amenities to the global elite, including office space, tourism, retail and branded apartments situated alongside a state-of-the-art promenade.
“The launch marks the first time these luxury properties have been offered to the market,” said the group, noting that the move was strategic to boost investor confidence.
According to IFA, this is the only project in the province with Municipal Resort 5 zoning status, which means the zone was created specifically for Zimbali Lakes to maximise the undulating topography of the land and more flexible and creative design by the architects.
In addition, the group said it has secured a R175 million infrastructure facility with Absa for the Zimbali Lakes Resort.
Burger said with the assistance of Absa, they aim to complete services for Phase 3 of the development by December 2025.
He said this will unlock the retail centre to be built in the Tatali Precinct.
“Since 2019, we have achieved R1.6billion in sales across all three phases.”
Burger said together with Absa’s facility, the group's own equity will ensure full funding for the completion of all infrastructure at Zimbali Lakes.
“With the Ernie Els signature golf course opening in the second quarter of 2025 and the completion of remaining services in other phases, we are confident that all sellable land will be transferable by mid-2026,” said IFA.
Mike Mortimer, who is the head of Absa’s commercial property finance coverage, said there are numerous factors that make this node an extremely attractive destination from a financier, investor and end-user perspective.
“These include proximity to King Shaka International Airport, availability of quality amenities such as schools, health care, water and sanitation, and the unparalleled lifestyle the area offers.”
Krambeck said Ballito and Zimbali offer promising foreign investment opportunities.
“The Zimbali Lakes project alone has more than 2600 approved opportunities, boosted by numerous developments nearby. The region’s growth and development, together with buoyant international interest, are driving and encouraging this rapid economic growth,” he said.
The Mercury