Property plans for midlands

2008-04-10 00:00

DESPITE a tougher residential property market, a national development group has committed itself to investing R750 million on three sites in the KZN midlands.

Amdec Property Development, the owner of some of South Africa’s premier properties, including Melrose Arch in Johannesburg, will develop 458 units on a 40-ha site in Hilton within 12 months at a cost of R400 million.

Regional director Magnus McDowall told The Witness that Amdec is upbeat about the medium- to long-term prospects of the midlands residential property market, with higher demand in the aftermath of Pietermaritzburg becoming KZN’S capital.

“We expect to achieve steady sales, but not at the [high] levels of the past. We must recognise that the last few years have not been the norm. We’re used to operating in a more conservative environment.”

The Hilton estate will comprise sectional title apartments, townhouses and free-standing homes.

“We would like to show our intent by commencing with civil work and infrastructure, boundary walls and the gatehouse soon.”

He said the idea is to offer a value-for-money lifestyle product in the “new urbanism” mould.

The second site covers 40 ha in Howick. McDowall said they have received town planning approval for 350 units, adding that this project is still in its infancy.

The final site is located near the first site in Hilton, and also covers about 40 ha.

He noted that this is Amdec’s first venture in KZN.

kavith@witness.co.za

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