Investors sought for new R3.1bn Umhlanga development
It will consist of a five-star Radisson Blu Hotel, two residential towers with 460 apartments, all with sea-facing views, and a shopping centre
It is now possible to buy into the R3.1bn Oceans Umhlanga Development, following the launch of the project’s prospectus in Durban on Wednesday. Shares in the development are going for R20 each, with a minimum purchase of 50 for R1,000. "I am pleased to advise that from 30 November to 22 December interested investors and their financial advisers will be allowed to reserve a place in the investment queue by completing and submitting an expression of interest form," said Edison group founder Vivian Reddy. Described as among the largest private-sector investments of its kind in KwaZulu-Natal, the development is the brainchild of Reddy and Rob Alexander of Ducatus Property Group. It has a ‘Dubai-style’ mixed-use development incorporating a Radisson Blu Hotel — a 200-room, five-star hotel — and two residential towers consisting of 460 apartments, all with sea views, and a 33,000m² shopping mall. Reddy said it took him months to conceptualise the project and he was excited it had come to f...
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