By Sharen Kaur
Published in NST on April 25, 2016
KUALA LUMPUR: UEM Sunrise Bhd plans to revive a multi billion-rand waterfront mixed-use development in Durban, South Africa, thus becoming the first Malaysian developer to set foot there.
The property developer and eThekwini municipality, joint owners of the Durban Point Development Co (DPDC), plan to kick-start the project by as early as 2018.
UEM Sunrise has been sitting on 16ha of land at the entrance of Port City of Durban, Africa's busiest port since 2007.
According to UEM Sunrise chief operating officer (commercial)Raymond Cheah, the land was worth about RM300 million in 2007, but based on recent valuation, the value has trippled.
"We have the planning approval and believe that it is a good time to launch in the next 18 months or so. Other property developers in South Africa have been successful with their recent project launches," he told Property Times.
Cheah cited The Pearls of Umhlanga, a lavish residential resort located in the seaside resort town of Umhlanga.
The Pearls of Umhlanga, worth in excess of three billion rand (RM1 billion), launched the final of its fifth phase in April last year called Pearl Sky.
Pearl Sky offered 422 upmarket executive studios with one-, two-, three- and four-bedroom apartments and were sold on the first day of its launch, raking in one billion rand in sales. More than 3,000 people had registered for Pearl Sky.
The first four phases, namely Pearl Reef, Pearl Tides, Pearl Breeze and Pearl Dawn of the development were also fully sold.
It was reported that the price of properties in the first launch took place in 2004 had doubled.
Another development Oceans Umhlanga has two residential towers consisting of 460 elegantly designed apartments and penthouses, all with sea views.
The apartments start from 1.59 million rand, while 60 million rand is the price of the penthouse located 28 storeys up.
Oceans Umhlanga will have a 33,000 sq m shopping mall with over 100 stores, featuring international superbrands, like Burberry, Versace, Armani, and Paul Smith, and a five-star 200-room hotel.
The projects are located close to Port City of Durban where UEM Sunrise was planning its development.
Cheah said the development plan for the 16ha site would include luxury five-star hotels, a retail mall with branded product offering, residential components, and offices.
The waterfront project is expected to radically uplift and enhance the central business district (CBD) of Durban.
"We will get partners in for the hotel and retail portion, and do what we are best at, which is building residential properties. We are bullish on Durban, which is one of the world's fastest growing cities," said Cheah.
A survey by MasterCard Global Cities Index in 2012 predicted that Durban would be the fastest-growing tourism city in Africa, while a report released last September by AfroAsia Bank said Durban was among Africa's top 10 cities for dollar millionaires.
The waterfront project will promote Durban's identity as an exciting 21st century African city by creating a built environment that is integrated into the rest of the CBD. It would also create new living opportunities in a range of accommodation typologies that will respond to a growing demand, and expand retail and hotel opportunities in the Ushaka precinct.
Published in NST on April 25, 2016
KUALA LUMPUR: UEM Sunrise Bhd plans to revive a multi billion-rand waterfront mixed-use development in Durban, South Africa, thus becoming the first Malaysian developer to set foot there.
The property developer and eThekwini municipality, joint owners of the Durban Point Development Co (DPDC), plan to kick-start the project by as early as 2018.
UEM Sunrise has been sitting on 16ha of land at the entrance of Port City of Durban, Africa's busiest port since 2007.
According to UEM Sunrise chief operating officer (commercial)Raymond Cheah, the land was worth about RM300 million in 2007, but based on recent valuation, the value has trippled.
"We have the planning approval and believe that it is a good time to launch in the next 18 months or so. Other property developers in South Africa have been successful with their recent project launches," he told Property Times.
Cheah cited The Pearls of Umhlanga, a lavish residential resort located in the seaside resort town of Umhlanga.
The Pearls of Umhlanga, worth in excess of three billion rand (RM1 billion), launched the final of its fifth phase in April last year called Pearl Sky.
Pearl Sky offered 422 upmarket executive studios with one-, two-, three- and four-bedroom apartments and were sold on the first day of its launch, raking in one billion rand in sales. More than 3,000 people had registered for Pearl Sky.
The first four phases, namely Pearl Reef, Pearl Tides, Pearl Breeze and Pearl Dawn of the development were also fully sold.
It was reported that the price of properties in the first launch took place in 2004 had doubled.
Another development Oceans Umhlanga has two residential towers consisting of 460 elegantly designed apartments and penthouses, all with sea views.
The apartments start from 1.59 million rand, while 60 million rand is the price of the penthouse located 28 storeys up.
Oceans Umhlanga will have a 33,000 sq m shopping mall with over 100 stores, featuring international superbrands, like Burberry, Versace, Armani, and Paul Smith, and a five-star 200-room hotel.
The projects are located close to Port City of Durban where UEM Sunrise was planning its development.
Cheah said the development plan for the 16ha site would include luxury five-star hotels, a retail mall with branded product offering, residential components, and offices.
The waterfront project is expected to radically uplift and enhance the central business district (CBD) of Durban.
"We will get partners in for the hotel and retail portion, and do what we are best at, which is building residential properties. We are bullish on Durban, which is one of the world's fastest growing cities," said Cheah.
A survey by MasterCard Global Cities Index in 2012 predicted that Durban would be the fastest-growing tourism city in Africa, while a report released last September by AfroAsia Bank said Durban was among Africa's top 10 cities for dollar millionaires.
The waterfront project will promote Durban's identity as an exciting 21st century African city by creating a built environment that is integrated into the rest of the CBD. It would also create new living opportunities in a range of accommodation typologies that will respond to a growing demand, and expand retail and hotel opportunities in the Ushaka precinct.
No comments:
Post a Comment