IFA Hotels & Resorts launches Fractional Ownership Product in South Africa

IFA Hotels & Resorts recently launched its first Private Residence Club community in South Africa: Fairmont Heritage Place, Zimbali, located within the spectacular Zimbali Coastal Resort on the north coast of KwaZulu-Natal, 45 kilometres north of Durban.

Fairmont Heritage Place, Zimbali will form part of Fairmont Zimbali, an ultra luxury integrated mixed-use resort and residential development situated within the Zimbali Costal Resort, winner of Best Development, Best Golf Development, Best Property Marketing (South Africa) and Best International Property Marketing at last year’s London International Property Awards.

The 18 superbly appointed homes within Fairmont Heritage Place, Zimbali are each divided into saleable fractions of 1/13th, and feature Fairmont’s innovative reservation and time usage system, resulting in the creation of one of South Africa’s premier Private Residence Clubs. Pricing for a share in a two-bedroom 340-square-metre townhouse will start at approximately US$ 95,000.

Piaras Moriarty, Vice President Vacation Ownership, IFA HR said, “Fairmont Heritage Place, Zimbali allows residents of South Africa to purchase an interest in South African Rand that will provide privileged access to other Fairmont destinations across the rest of Africa and around the world, without the currency hassles of making an international property purchase. It’s also a great introduction to South Africa for people from around the world.”

The equity held by each owner in Fairmont Heritage Place, Zimbali provides a transferable and potentially rewarding investment in perpetuity. In addition to the benefits of owning real estate in one of South Africa’s most beautiful regions and having access to the international Fairmont Heritage Place network, owners enjoy all of the services and amenities of a five star hotel.

Greg Doman, Senior Vice President Residential Development, Fairmont Raffles Hotels International Inc, said, “We are delighted to be working with IFA Hotels & Resorts to add yet another new Fairmont Heritage Place to our growing portfolio. We’re also very pleased with the fact that Fairmont Heritage Place, Zimbali will become a part of the internationally recognised Zimbali Coastal Resort, where owners’ experiences will be enhanced by five star service from Fairmont.”

Owners of Fairmont Heritage Place, Zimbali are entitled to 14 days use of their own home and a further 7 days use either within their own home or in a similar one each year. Two of these three guaranteed weeks may be exchanged for time at another Fairmont Heritage Place community, while one week may be exchanged in order to stay at one of Fairmont Hotels & Resorts’ property around the world.

Additionally, owners have virtually unlimited use of any remaining availability at Fairmont Heritage Place, Zimbali throughout the year, subject to booking no more than 60 days in advance.

Owners at Fairmont Heritage Place, Zimbali will enjoy access to two championship golf courses, the newest of which will the Zimbali Gary Player Signature Golf Course, Country Club and golf academy with a state-of-the-art driving range.

In addition to Fairmont Heritage Place, Zimbali, the Fairmont Zimbali resort will also consist of residences, a hotel and hotel condominium units. Construction on this project began in March 2007 and is scheduled for completion during 2009.

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