The recently announced partnership between IFA Kuwait (IFA) and Moreland Developments kicked-off with a major success in the Zimbali Auction in South Africa for local and international buyers and saw the release of 21 lots in the first phase of development.
Vice President of Kuwait Sales and Marketing for IFA Hotels and Resorts Werner Burger, commented: “This was our launch of the joint venture Zimbali sales and we were delighted to have sold all properties within one hour at premium prices. The beach front sites sold for an average of $590,000 to $645,000 and as compared to the release of similar properties in Zimbali seven years ago that sold for $75,000, the growth in property prices is significant.”
President and COO of IFA Hotels & Resorts James Wilson stated “Our key objective as partners in this project is to firmly place Zimbali on the international destination resort scene, the first phase sales of single residential sites at Zimbali have surpassed our expectations.”
“As a company we have great faith and confidence in the long-term economic potential of tourism in the KwaZulu Natal north coast and we believe that investors from the Europe and the Middle East will continue to share this confidence,” said Wilson.
Morelands/IFA expects to release the second Zimbali phase shortly and is in the process of implementing a comprehensive package of bank mortgages for both local and international buyers. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
