Billionaire entrepreneur Mzi Khumalo and former Moreland Development resorts development director Neels Brink have joined forces to launch a new privately held black empowerment property development company, Metallon Properties.
The venture will be housed within the Metallon Corporation stable, a resources and financial services group of which Khumalo is chairman.
Metallon Properties will actively seek out large-scale projects specifically in the South African resort and hotel sector and in other territories throughout Africa. Khumalo will chair the new company, while Brink became MD on May 1. Further announcements on directors and other senior management are to follow shortly.
Brink, who surprised the industry last month when he announced his resignation from Moreland, has also formerly held the chairmanships for the KwaZulu-Natal Tourism Authority, the eThekwini Best Practice City Commission and the regional chapter of industry body Sapoa regional chapter.
He was instrumental in facilitating the planning and development of Durban's R730m, world-rated uShaka Marine Park and played a key role in unblocking the development impasse that had until recently prevented new investment from flowing into the Point Waterfront precinct.
Through Moreland, Brink was involved in the planning and development of the Mount Edgecombe country club estates, the Umhlanga Ridge precinct, the African KZN-owned Sibaya casino precinct and the Zimbali Coastal Resort near Ballito.
Launching the Durban-based company last week, Khumalo said Metallon sought to be an innovative property development business and would initiate and participate in ventures throughout KwaZulu-Natal, SA, Africa and internationally.
The company already has several properties under development, including the R250m five-star Zimbali Cradle Hotel on the KwaZulu-Natal north coast and office premises in Umhlanga Ridge and Sandton.
However, Khumalo and Brink were considering a number of options in Durban and around KwaZulu-Natal and were confident that the city, region and country afforded "significant potential to create viable landmark developments".
Brink said he was "particularly excited" to be working with Khumalo and believed Metallon Properties was sufficiently capitalised to enable the company to begin identifying selected landmark projects.
"Success breeds success - and (Khumalo's) reputation as an astute and assertive businessman will attract a range of new opportunities to our table," Brink said.
As a majority black-owned and well-resourced company, Metallon Properties brought "a new dimension" to the South African property sector and Brink said there was "every reason" to be optimistic about its future.
Business Day
Publisher: Business Day
Source: Inet Bridge
