Independent property development company Africa Rising on Thursday announced plans to inject R1.6-billion into development projects in the Umhlanga Ridge area, in KwaZulu-Natal.
After spending 2015 amassing properties, the Durban-based firm planned to develop and sell several properties within the next five years.
The group acquired 12 properties, four of which were under development, from Tongaat Hulett Developments for R300-million.
“We buy into Tongaat’s vision and work in conjunction with them. We take into account its vision for a particular property and adjust our offering accordingly,” Africa Rising CEO Colin Kisten said in a statement, discussing the group’s plans to “grow with” Tongaat and offer a sustainable investment.
Tongaat aimed to work with companies to help boost the regional economy using an all-inclusive approach to growth and development, said Tongaat development executive Andile Mnguni.
Part of Africa Rising’s new portfolio included The Madison, The Marina, Park Avenue, Aria and Jefferson, in Umhlanga, and a commercial property at Sibaya.
The Madison, opposite the Gateway Hospital, was a mixed-use development with 97 apartments and 27 medical suites, on which construction was expected to be completed by August.
Park Avenue, an upmarket apartment joint venture development, would be completed in November, while Aria, a 300-unit retirement apartment block, and Jefferson, a 240-unit student accommodation block, would also be opened this year.
Africa Rising planned to break ground on the The Marina development, which would comprise 69 apartments and a 60-room boutique hotel, later this year, while the development of the Sibaya commercial site, which was currently in the planning phase, would start in December.