R1.3bn feather in KZN’s cap

Daily News - - FRONT PAGE - BAR­BARA COLE

THE of­fi­cial ground-break­ing cer­e­mony of the R1.3 - bil­lion uMh­langa Arch took place this morn­ing with a cham­pagne break­fast.

The lux­ury pro­ject, which will take shape on the slopes of uMh­langa’s prime Rid­ge­side site, is des­tined to be­come a land­mark devel­op­ment.

It will be the first mixe­duse devel­op­ment in KwaZu­luNatal of­fer­ing res­i­den­tial, com­mer­cial and hos­pi­tal­ity fa­cil­i­ties, boast­ing an arch with views of the coast­line.

The 28-storey devel­op­ment will have a rooftop pool, the high­est on the coast. It will also have a big-name, four-star ho­tel, the name of which will be dis­closed soon.

The de­vel­op­ers, The Mul­ti­ply Group (which owns 70%), as well as Charles Thomp­son and Chris and Pierre du Toit, be­lieve the pro­ject will set a new prece­dent in the prop­erty in­dus­try.

The have part­nered with Rem­broth­ers and hope to at­tract “the best of the best” in re­tail and restau­rants.

A Dubai-based res­tau­rant has ex­pressed in­ter­est in the Arch’s pi­azza level.

Record res­i­den­tial sales were notched up be­fore the cer­e­mony. All but eight of the 162 apart­ments have been sold, the most ex­pen­sive at R5 mil­lion.

There are New York-type lofts apart­ments for R2m each.

Act­ing deputy city man­ager Phillip Sit­hole, who at­tended to­day’s cer­e­mony, said the devel­op­ment would boost the econ­omy and cre­ate con­fi­dence in Dur­ban to at­tract more in­vestors.

“This devel­op­ment is a feather in our cap. It is a clear case of show­ing the world that Dur­ban is the best in­vest­ment des­ti­na­tion,” he said.

An artist’s im­pres­sion of the R1.3 bil­lion uMh­langa Arch. The build­ing will be sit­u­ated on uMh­langa’s prime Rid­ge­side site.

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