He said the development, which will include a five-star hotel, would create 15 000 direct and indirect jobs, and permanent employment for 2 500 others.
He had been asked what the landmark project – which had already won architectural property awards before construction began – what the development would mean for the “rank and file population”.
“I knew my answer [about the employment figures] was not the perfect answer; it was a political answer,” he told another prestigious gathering in uMhlanga on Wednesday.
Reddy and Rob Alexander, his partner in the massive, multi-billion-rand Oceans uMhlanga project, then “dug deep” and came up with an ingenious investment model to give people from all walks of life the chance of a stake in the five-star Radisson BLU-operated hotel that will go up in the Oceans development.
Yesterday’s event was the official launch of the investment, and with shares going for R20 each, the minimum investment, made up of 50 shares, would be R1 000.
Reddy said it would give him the “greatest joy” to see an average earner point to the internationally-famous hotel and say that he or she is one of the owners.
Then Reddy, chairman of Oceans Hotel, and Alexander, a director, set an example by empowering their own domestic workers, who attended the launch event, by presenting them with R10 000 worth of share certificates each.
King Goodwill Zwelithini, who officially launched the public offer for the shares yesterday, praised Reddy and Alexander for demonstrating true economic commitment to empowering people.
The King believes the Oceans Hotel investment opportunity should he “clasped by everyone, as one day it could be the source of your pension”.
The share offer is on a first-come, first-served basis, and the interest is already overwhelming, Reddy said.
The projected yearly dividend is 8.6 percent-10 percent.
Interested investors should complete and submit an “expression of interest” form, which can be downloaded from www.oceans-umhlanga.co za and well as www.oceanhotelinvest.co.za