KwaZulu-Natal Correspondent

DURBAN The largest single property development on the Durban Point, to be named The Quays on Timeball, has been announced at the rapidly developing waterfront.

The R160m investment in a 10-storey upmarket apartment block and a boutique hotel, is expected to set the tone for the rejuvenation of the Point Waterfront area.

Located on the prime canal-fronting site at Timeball Square, the apartments have all been sold by word of mouth without marketing or advertising. The development also incorporates a public lookout tower.

Construction of The Quays is scheduled to begin in April next year, with occupation set for the middle of 2005.

Co-developer Rick Wilson said the attraction of the waterfront area among Durban residents and investors was borne out by the demand for the apartments. "Durban Point compares favourably with the best waterfront real estate opportunities internationally," he said.

The apartment block will have two- and three-bedroom apartments over eight storeys, and six two-storey penthouses on the top. Prices range between R2m and R4,5m.

An adjoining 10-storey boutique hotel will have front-office and restaurant facilities on the ground and mezzanine floors, with five hotel suites on each of the eight floors above.

The developers were investigating several options, including selling off the suites under sectional title.

The Quays will eventually have canal frontage on three sides and overlook Timeball Square, planned as the central social life of the Durban Point.

The canals will be accessible to small craft, and could over the longer term be linked to the ocean via a series of locks.