DURBAN - Oceans Umhlanga is the R4,2 billion project that is currently in developmental stages in the up market area of Umhlanga, KwaZulu-Natal.
The project is being developed by prominent KwaZulu-Natal businessman and founder and chairman of Edison Power, Vivian Reddy.
According to Reddy, Oceans Umhlanga is the largest mixed development in South Africa. The development will boast, Radisson Blu Hotel, a world-class shopping mall and luxury apartments.
The Radisson Blu five star luxury hotel will have 270 rooms. Reddy expressed pride in the Oceans Hotel Investment plan which he has since opened to the public. Through its broad based shareholding, members of the public were afforded the opportunity to buy shares in the Radisson Blu hotel. N
There are currently 23000 Radisson Blu shareholders who can claim that their share in the world-class hotel. Reddy on the shareholding said: "We brought a five-star luxury hotel investment to be owned by people outside".
Aother extension to the development are the residential apartments. 500 luxury apartments from the development were put up for purchase. Reddy says there are currently only 14 units of the 500 left, which is a testament to the keen interest in the development.
The prices of apartments range from R2,5 million to R50 million. Residences are available in 1, 2, 3, 4 bedroom apartments and penthouses. Penthouses are priced at R50 million with one 1 bedroom apartments priced at R2,5 million.
"Prices of the apartments escalated by 30% since the launch of the project." .
"Within the first four hours of the apartments being for sale, R1,55 billion of apartments were sold. This sale is a South African record,'' Reddy said.
The third extension of Oceans Umhlanga development is the 36000 square metre world-class shopping mall which will boast 100 stores. Reddy says the malls department stores will include international names like Armani, Burberry and Versace as well as local stores like Woolworths, Dischem and Checkers.
The mall that will also be home to South Africa's first indoor snow park as well as square where South Africa's restaurants like Hard Rock Cafe will be found.
Through this landmark development about 15000 people have been employed, with an estimated 2 500 more jobs to be created once the project is completed.
The plot chosen to build Oceans Umhlanga is the last piece of land in Umhlanga that has been allocated for development."The land is 260000 square metre bulk which is far bigger than the Mall of Africa" said Reddy.
The businessman said that Oceans Umhlanga will be contributing R160 million to the municipality through levies, services charged and rates per annum.
- BUSINESS REPORT ONLINE