Umhlanga has certainly become one of the fastest growing suburbs in KwaZulu-Natal, attracting world-class developers seeking to dominate its skyline with award-winning products.
“Perhaps the most notable new development in this burgeoning node has been the much anticipated Oceans”, says Carol Reynolds, Pam Golding Properties area principal for Durban Coastal.
“Oceans is being developed by Vivian Reddy and has achieved international acclaim at the International Property Awards this year (2016) in Dubai. Located in prime uMhlanga and within walking distance of the beach, Oceans is the first double award-winning development in Africa to be nominated for the ‘World’s Best Awards’ to be held in London in December this year. Its accolades were achieved in the best mixed-use architecture category and in addition, it has recently been announced as one of the top five finalists in this global category – an exceptional achievement for KZN.”
Reynolds says the recently launched Oceans Hotel Apartments offer a unique investment product which is new to the local market. “What sets these units apart from other offerings is that they combine the best of both worlds – they enjoy the prestige of being located above the new 5-star Radisson Blu Hotel, but they are not hotel suites per se, linked directly to the hotel. This means that investors will be able to acquire a unique property asset that carries with it the credibility of being affiliated with the 5-star hotel, while still affording owners the freedom to manage their own investments via external agencies or Air B&B. Daily holiday letting is encouraged, and owners will be able to tap into the hotel’s services and facilities.”
This product also highlights the importance of embracing new, dynamic online businesses like Air B&B. The hotel apartments are being marketed as perfect Air B&B candidates. From an investment perspective, this reduces management fees and commissions, enabling owners to maximize their returns. “Current holiday letting rates in uMhlanga range from R900 to as much as R7 000 per day for top hotels, with presidential suites commanding prices of up to R50 000 per night,” says Reynolds. A 5-star luxury product like Oceans will achieve top dollar, especially given that holidaymakers will be able to make use of the hotel’s facilities. Facilities will include a luxurious spa, conferencing, a business centre, a swimming pool, a fully equipped gym, fine dining restaurants and state-of-the-art security.
“Add to this the attraction of being part of the Oceans development and having a direct link to the new shopping mall, which includes exceptional features like a medical centre, a snow park and international luxury retailers such as Burberry, Armani, Hugo Boss and Michael Kors, it is easy to see why an investment product like this, that has been packaged so perfectly, is in high demand,” she says.
Oceans has also been developed with an all-embracing cultural philosophy, and, among other unique features, the developers have been sensitive to the needs of the Muslim community, and Islamic clients will have access to two Halaal restaurants, a separate Halaal kitchen within the Hotel, a prayer room and bathrooms which are Islamic compliant.
The hotel apartments are expected to yield good returns, and the developers have specifically opted out of a shared hotel rental pool system, thereby enabling owners to manage their own investments as they see fit and to enjoy higher returns and lower management fees as a result. Clients are however allowed to opt for fully furnished apartments at additional fees, should they prefer to have their units comply with hotel standards.
Adds Reynolds:“In short, the Oceans Hotel Apartments will deliver a unique multi-award winning investment product to the uMhlanga market in a prime location with access to an abundance of facilities. Completion date is expected to be towards the end of 2018.”