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 fruition.
"The release of this opportunity to acquire shares in the
hotel will give me the greatest joy to see even an average earner point
to this iconic, internationally renowned Radisson Blu Hotel and proudly
state that I am one of the shareholders in this magnificent hotel," he
said.
Reddy said construction was due to start early next year and
would create 15,000 direct and indirect jobs, with the creation of
2,500 permanent posts on completion.
Speaking at the prospectus launch, Zulu King Goodwill
Zwelithini said the project, would not only put KwaZulu-Natal on the top
rung of the international leisure market, but would create much-needed
jobs.
"I am very proud to be associated with this objective of
offering shares in this fantastic hotel development to the public. As we
all know, many people would not even dream of owning anything in the
Umhlanga area," he said.
Lourens Erasmus, a manager of property investment giant
Century 21, said: "I think it is an awesome opportunity for someone to
own something bigger. But this project is not only for the privileged.
People from all walks of life can be part of it. That to me is a
game-changer."
Reddy and Alexander said they had bought their four domestic workers shares to the value of R10,000 each in the project.
Nompumelelo Luthuli, one of the domestic workers, said the
move had come as a surprise to her. "I am very excited because I am a
breadwinner at home. I don’t get to save money because I have to look
after my extended family, including four children. I hope that the money
through these shares will help in furthering the education of these
children one day."
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