|With nearly half of the 1 000 freehold sites in the 1 000 ha Blythedale Coastal Resort sold at a total value of R1,5 billion within four months of launch its developers, The eLan Group, is forecasting sold out signs for the north coast development by early next January.|
Of the 508 sites launched in December some 461 had been sold by the end of March. Sales included development sites sold to local, Gauteng and Cape Town developers and individual freehold sites.
The eLan Group's sales manager Andrew Thompson told visiting British journalists, that the uptake had prompted them to advance the release of the second phase in two separate portions with the first set for July and the balance for September. The ultimate phase – the third - had been brought forward to December.
Thompson said earthworks on the former sugar estate will start in May with first occupations intended for December. The development, which is about 25kms from the planned new airport and 40 kms from Umhlanga consists of five different components; Blythedale Ocean, Blythedale Forest, Blythedale Golf, Blythedale Equestrian and Blythedale Hills.
The latter being a social village of 1 300 sites destined for low through to medium cost density. Thompson says the village is in response to Government’s intention that a portion of all new residential developments embrace low-cost housing opportunity. Sites in the village are priced between R50 000 to R300 000.
The equestrian portion of the resort consists of 15 sites of 4 500 sqm to be offered in the final phase and selling for about R1,8 million per site. Thompson anticipates “great interest” from European buyers in the golf course segment designed around 1 800 sectional title two and three bedroom villas/apartments surrounding the Ernie Els championship golf course. The relatively high density rimming the course was an American concept and structured in terms of density to spread the high cost of levies. Units here will be selling for R950 000 to R1,5 million.
The bulk of the 570 sites in the forest segment of the resort had already been sold in the first phase, which had also incorporated pockets of Blythedale Ocean. Forest sites had sold for R570 000 to R1,5m at an average size of 1 600sm. The freehold Ocean sites had sold for between R1,5m to R4m at an average size of 1 800 sqm. Sites on the beachfront adjoining the dunes, tagged “Celebrity Mile” , had been purchased by an undisclosed Irish Investment Group who intended marketing individual stands in Ireland in the middle of this month, with an eLan Group supported road show.
The 3km beachfront resort also features a 200 chalet hotel, a wellness centre, a 200 unit retirement village and a 220 000 sqm commercial and retail centre. Thompson says the retirement site had been sold to a developer who hoped construction would start later this year.
The commercial and lifestyle centre, which was external of the resort, but adjacent to the site would not include a magnet tenant, but be based on similar lines to Ballito’s lifestyle centre. The commercial node included offices and boardrooms for residents of the estate to conduct business.
Other features for the eventual estimated R12 billion estate planned around a ten year completion period include a water dominated theme park, three soccer fields, two rugby fields and three schools. Discussions are also underway to open a private school within the estate.
Picture shows (from left): Andrew Thompson (éLan national sales manager), Greg Taylor (Blythedale Coastal Resort sales manager), Stefan Botha (éLan international marketing executive).