THE KwaZulu-Natal North Coast, already one of the country’s hottest property growth areas, is set to benefit from further investment totaling close to R100 billion, welcome news for the beleaguered building, civil engineering and associated industries.
Bulk earthworks recently started on the R10-billion Zimbali Lakes Resort, a development followed closely by the revelation that some of the province’s largest private land owners had drawn up a R76-billion masterplan for the North Coast. As a 350-hectare mixed-use, multi-generational and pet-friendly estate, Zimbali Lakes Resort encompasses a range of residential opportunities from freehold land, to Sectional Title developments as well as a retirement offering. Within the luxury estate is a retail node, short and long-term accommodation, an international hotel, office space, medical suites and a comprehensive sports facility.
Werner Burger, CEO of the developers, IFA Hotels & Resorts, South Africa, said R700 million worth of sales were achieved on launch night. The first property transfers are expected to take place in Q4 2019. It is also anticipated that the 30-hectare lake and 18-hole golf course will be complete in 2020.
“This development promises economic opportunities regionally through the creation of approximately 35 000 indirect jobs during the construction phase, and an estimated 3000 permanent jobs on completion. Furthermore, the addition of potentially 2500 residential dwellings within Zimbali Lakes Resort translates into approximately R63 million in annual rates for the KwaDukuza Municipality,” Burger said.
Meanwhile, the R76 billion masterplan for the North Coast is already in motion through its first component, Zululami Luxury Coastal Estate at Sheffield Beach, according to Murray Collins from Collins Residential. “KwaZulu-Natal’s North Coast is undoubtedly one of South Africa’s fastest growing residential nodes. We are seeing semigration taking place from neighbouring provinces into KZN, especially within the North Coast, as well as a growing tourism and investment demand from around the world. That’s why a R76 billion masterplan through various stakeholders has been created to ensure the North Coast demand continues to ‘boom’ exponentially,” Collins said.
“To realise a project of this magnitude it has been imperative to launch key catalytic development products into the market to ensure the longevity of the masterplan. The R2,5 billion Zululami Coastal Luxury Estate was one of the game-changing developments within this area and the first component of this vision.”
Zululami, launched in December 2016 and spanning 140 hectares with ocean views and incorporating revitalised dams and wetlands, has already sold 80% of Phase 1 and launched Phase 2 in December.
“With the work taking place on Zululami, we expect to directly and indirectly employ over 5000 people. Construction has been in full tilt and as a result we can expect the Gatehouse to be complete by February 2019 and the first transfers take place within the first quarter of 2019. Zululami will have a massive impact on the KZN economy and masterplan for the North Coast,” Collins said.
The next major impetus project on the cards for the North Coast, and the next component of this masterplan, is the R10-billion development Seaton. Directly translated as ‘Sea Town’, this development borders Zululami and covers 411-hectares and stylishly encompasses an equine district, a lifestyle village, college node as well as a retirement element.
Set to launch in the first half of 2019, Seaton will create approximately 3776 homes and will give both Seaton and Zululami residents direct access to the iconic Christmas Bay. The first phase to be launched within Seaton will be the equestrian component, which has been researched and designed to be comparable to the best in the world.
“We can’t wait to launch Seaton, as it will change the North Coast dynamic and make this side of the region even more irresistible for homeowners and investors across South Africa and abroad. This will be the second phase of our greater North Coast masterplan which will consist of seven development zones and will extend over a staggering 5089 hectares. “
Collins added that the overarching goal is to create over 34 000 residential units, stimulate over R76 billion of investment into the area and create some 320 000 jobs.
“This is a mammoth vision that is set to take KZN, especially the North Coast, to new heights and further entrench this province as an investment goldmine. We have engaged with some of the best consultants from around the world, with niche areas of expertise, to help conceptualise a masterplan that will redefine KZN through the application of facets such as equine, schooling, lifestyle experience, resort amenities, direct beach access and unique world-class facilities.”