Africa Rising, a Durban-based independent property development company, purchased properties worth R300m from Tongaat Hulett Developments during 2015.
It plans to roll out over R1,6bn worth of developments in the Umhlanga Ridge area.
Africa Rising has purchased 12 pieces of land from Tongaat Hulett Developments. The properties, recently added to the company’s portfolio, include The Madison, The Marina, Park Avenue, Aria and Jefferson in the Umhlanga Town Centre and a commercial property at Sibaya.
Four of these are currently under development. The Madison is a mixed-use development that will cater to the medical sector benefitting from its strategic location opposite the Gateway Private Hospital. It comprises 97 apartments and 27 medical suites and is expected to be completed by August this year. It is already 90% sold.
Construction has started on Park Avenue, a joint venture which comprises upmarket apartments which are 85% sold.
Aria, providing retirement apartments, and Jefferson, providing student accommodation of 300 and 240 units respectively, will launch this year.
This article originally appeared in Neighbourhood, Sunday Times.
