DURBAN – Exactly one year after the Zimbali Lakes Resort was launched, construction has commenced on this multi-billion rand development.
The 350-hectare mixed-use development will feature a luxury estate with a retail node, short and long-term accommodations, an international hotel, office spaces, a sports facility and medical suites. The entire development is worth R10 billion.
Werner Burger the Chief Executive of IFA Hotels and Resorts said, "The success and strength of the Zimbali brand was apparent at the launch of the Zimbali Lakes Resort, which has achieved R700 million worth of sales on launch night and got is to where we are today".
The first property transfers are expected to start by the end of 2019 while the 30-hectare lake and the 18 hole golf course should be completed by 2020.
A joint venture with Evergreen Lifestyle, the retirement lifestyle business will result in an R3 billion retirement village within Zimbali Lakes Resort. The sectional title apartments will be sold on a Life Rights basis and is aimed at people over the age of 55.
Boulevard will also be a mixed-use development that will be located within Zimbali Lakes Resort.
Burger said, "The development promises economic opportunities regionally through the creation of approximately 35000 jobs during the construction phase and around 3000 permanent jobs on completion.
He added that the addition of potentially 2500 residential dwellings within Zimbali Lakes Resort translates into around R63 million in annual rates for the KwaDukuza Municipality.