Construction of the R400-million upmarket secure residential property, Zimbali Suites, in KwaZulu-Natal, has started, Kuwait Stock Exchange-listed, integrated mixed-use hotel and resorts developer IFA Hotels & Resorts said on Friday.
The sectional title Zimbali Suites, adjacent to the Fairmont Zimbali Hotel, would have 131 serviced condos extending from 36.2 m² one-bedroom units to 142 m² three-bedroom penthouses when it was completed in the first quarter of 2016.
The units all boasted views of the ocean, fully-fitted kitchens, high-quality fittings and contemporary design aesthetics, as well as maintenance and housekeeping.
Tenants and owners would have access to undercover parking and direct beach access, as well as the services, activities and amenities offered by Zimbali Coastal Resort and Fairmont Zimbali Hotel.
Owners could also benefit from a rental programme managed on their behalf by IFA’s dedicated operations team, said IFA senior VP for operations in Africa and the Indian Ocean Phillip de Sylva.
The group launched the sales for the Zimbali Suites in November last year, attracting “unprecedented” prices ranging from R20 000/m2 to R63 000/m2, with an average of R36 500/m2.
Contractor Megapile was responsible for the site preparation, earthworks and piling in Phase 1, while ID Construction was tasked with the building works during Phase 2. MDSA had been appointed the project manager.
The start of construction on the Nedbank Corporate Property Finance-funded project was the most significant development milestone in Zimbali since the opening of the prestigious Fairmont Zimbali Resort in June 2010.
IFA Zimbali’s portfolio includes the Fairmont Zimbali Hotel, Fairmont Zimbali Lodge, Zimbali Vacation Club, Fairmont Heritage Place, Fairmont Signature Villas, Fairmont Hotel Condominiums and the Ocean Club Zimbali project.