An artist’s impression of Bahia Club in Ilala Ridge were 60% of the 33 units have been sold for R23-m.
Residential development in Umhlanga in KwaZulu-Natal have retained a ‘village’ atmosphere even though a number of major multinational companies have moved their head offices to the borough where numerous extensive new shopping centres have opened.
On Umhlanga Ridge, the skyline is taking on a ‘Sandton-like’ look with modern offices and shopping centres estimated to be worth about R10-billion in investment terms,” says Elwyn Schenk, area principal of Pam Golding Properties (PGP).
“Ridgeside is an extension of Umhlanga Ridge Town Centre (which includes Gateway shopping centre and La Lucia Ridge office park) and is divided into several precincts for mixed use, commercial and retail developments, residential only and offices,” says Schenk.
“There are five office blocks already occupied there and another ten under construction. Umhlanga has become a financial hub with banks and large corporate migrating from Durban to Umhlanga,” says Schenk.
To complement the office development, a number of new residential developments have also got underway.
“There are starter apartments comprising studios of between 40 and 60 sqm selling for between R630k and R785k and then 53 slightly larger apartments priced from R990k,” he says.
Referring to the KZN property market, Schenk says that sales are progressing steadily albeit at a slower pace than in other parts of the country but the Umhlanga market has proved to be remarkably resilient when compared with other parts of the province.
“We are finding that the quality of life in Umhlanga has a wide appeal for Gauteng business executives who can commute to their Johannesburg offices because Durban is just an hour’s flight away,” Schenk says.
For more information contact: elwyn.schenk@pamgolding.co.za
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