Tongaat Hulett will release 42 of the remaining 62 hectares of Ridgeside, its iconic development on the sea-facing slopes of Umhlanga Ridge, to the market as a single transaction in the first quarter of 2014.
Durban has been constrained relative to other major centres in prime real estate investment during recent years and the strategy is to accelerate the pace of development in collaboration with other role players.
“The transaction will allow a single investor or consortium to assemble a real estate asset base in the most sought after location in KwaZulu-Natal that will on completion, exceed R12 billion”, says Mike Deighton the Tongaat Hulett property executive.
Since the commencement of land conversion on Umhlanga Ridge seventeen years ago, the node has attracted over R50 billion in real estate investment, while currently 164 000 square metres of development, representing more than R3,6 billion investment value is under construction.
Tongaat Hulett CEO, Peter Staude concludes, “The timing is right for this mega property transaction initiative to be undertaken, in order to maximise investment and further increase the pace of development in the region, building on the investment platform already created.”