New R1 billion Lamborghini development coming to South Africa
Tonino Lamborghini is partnering with Zimbali Lakes Resort to develop a luxury hotel and branded residences near South Africa’s port city of Durban.
The Italian designer’s first project in Africa will include a 200-room hotel and 73 branded residences at the lifestyle estate that’s backed by Kuwait-listed IFA Hotels & Resorts Co.
Residences are likely to sell for as much as R100,000 per square meter, giving the development a potential total sellout value of about R1 billion, according to Werner Burger, the chief executive of IFA’s South Africa unit.
It also underlines a wave of developments, including Club Med SAS’s first resort in South Africa and premium lifestyle estates, that are reshaping the KwaZulu-Natal province’s North Coast.
The region is emerging as a popular base for wealthy South Africans seeking a slower-paced alternative to Cape Town that offers warm weather and an outdoor lifestyle.
Lamborghini’s portfolio of branded residences includes developments in Dubai and Brazil with upcoming projects in India and Thailand, according to its website.
He’s the son of famed auto designer Ferruccio Lamborghini.
Zimbali Lakes, which includes sprawling mansions, a beach club and an Ernie-Els designed golf course, also plans to develop a marina.
Commenting on the partnership, Tonino Lamborghini said that Africa represents “one of the most dynamic emerging luxury markets globally.”
“South Africa offers a rare combination of international appeal, natural beauty and long-term growth potential,” he added.
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