Ellerine Bros invest in Sabuti a luxury residential estate in Ballito

Posted On Thursday, 19 August 2004 02:00 Published by
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Ellerine Bros - investors in major property developments, today announced its R450 million investment into the luxurious sea-facing residential estate Sabuti

Ellerine Bros., investors in major property developments, today announced its R450 million investment into the luxurious sea-facing residential estate Sabuti, located within the Simbithi Eco-Estate in Ballitto, KwaZulu-Natal.

Owners and stakeholders in South Africa’s top performing retail property assets including Canal Walk Shopping Centre, Fourways Crossing and The Glen, Ellerine Bros. have teamed up with property veteran Marc Wainer and Swedish development group Noble Oak Properties for this investment. The deal was signed last week.

The select 8ha Sabuti site, meaning "something of value", is located at the highest point of the 750ha secure Simbithi Eco-Estate that neighbours Zimbali. Occupying the prime seafront position, Sabuti commands magnificent sea views over Thompson’s Bay not afforded from anywhere else on the Estate. The development consists of 8 residential apartment blocks each with its individual design, by Architects Mettle, and carefully sited in order to maximise the panoramic vistas.

Three and four bedroom options vary in size from 170 to 350 square metres and come standard with air conditioning, a four-seater Spa Pool, gas braais, controlled access, basement parking and storage.

The decision by Ellerine Bros. to invest in residential property becomes apparent when comparing the price of residential property in Umhlanga which is selling at up to R30.000 per square metre to nearby Sabuti which is selling for between R10.000 and R12.000 per square metre.

"As a rule we do not invest in residential property" explained Eric Ellerine. "But Sabuti is an exception well worth making. It is not just another seafront apartment block, but being sited within the Eco-Estate provides a composite lifestyle. It represents excellent value for money and is a solid property investment which we believe will enjoy substantial capital appreciation over time. I was totally blown away when I saw the site and the magnificent views and if I needed any further convincing it came about when we were doing the due diligence and I saw that a number of prominent businessmen had already purchased units in Sabuti".

The main contractor for the luxurious sea facing resort is WBHO who are currently on site and who has itself invested in the Eco-Estate. Bulk earthworks have been completed and the first phase is set for completion in April 2005.

With all the amenities associated with the Eco-Estate, including golf courses and dams, Sabuti has attracted influential overseas and local purchasers alike. The first phase is 80% sold and it is anticipated that the remaining 30 units will sell out within the next few months. The marketing of Phase 2 is expected to commence towards the end of 2004.

For further information, please contact:

Marc Wainer

Tel. 011 283 0000

Cell 083 260 7646

Or

Sandy Davey

Marketing Concepts

083 453 6668 or 011 880 2213


Publisher: Marc Wainer
Source: Sandy Davey

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