The estate plans a R2.2-billion ($298-million), mixed-use development on Boschendal's 2,400-hectare estate near Franschhoek in Cape Town. Proposals include an upmarket retirement village with 500 individual homes, a boutique hotel with upwards of 120 rooms and a mixed-use development of a shopping centre, offices and apartments.
Talal Jassim Al Bahar, chairman and managing director, IFA Hotels and Resorts, says the acquisition aligns with IFA SA's strategy to deliver new premier resort and residential developments in South Africa, diversifying from Kwa-Zulu Natal, where it owns Zimbali Lodge and holds a 50% stake in the joint venture that developed Zimbali Coastal Resort.
Boschendal is the latest of the IFA group's resort development projects worldwide, including its major investment of more than $2 billion in the Palm, Jumeirah development off Dubai. Parent company is listed on the Kuwait Stock Exchange with a market capitalisation of $1.3 billion.
In Africa, IFA has major development projects in Zanzibar and Kenya and is currently exploring opportunities in the Indian Ocean and Asia.
Werner Burger, president and COO of IFA Hotels and Resorts, says that the global group has already contributed to transformation in the country as the largest single foreign direct investor in Kwa-Zulu Natal tourism. He adds that the IFA group's continued expansion into the Africa sub-continent affirms its commitment to ongoing direct investment in South Africa and neighbouring countries.
"The intention is to use IFA SA as a platform for continued investment in Africa to expand the group's global network of resorts, ensuring that we continue to deliver prime opportunities in tourism and real estate to our global investors." He adds that the investment in Boschendal enables IFA SA to elevate Boschendal onto the international real estate market and present the estate as a world-class destination.
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