Tongaat Hulett to release land in Umhlanga Ridge

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Tongaat Hulett Limited announced on Wednesday that it would release 42 of its remaining 62 hectares of Ridgeside to the market.

The development on Umhlanga Ridge is expected to be released as a single transaction in the first quarter of 2014.

“The transaction will allow a single investor or consortium to assemble a real estate asset base in the most sought after location in KwaZulu-Natal that will, on completion, exceed 12 billion rand,” said [DATA TON:Tongaat Hulett Limited] property executive, Mike Deighton.

Land conversion began on Umhlanga Ridge seventeen years ago and the sugar company indicated that their strategy is to accelerate the pace of development in collaboration with other role players.

“The timing is right for this mega property transaction initiative to be undertaken, in order to maximise investment and further increase the pace of development in the region, building on the investment platform already created,” said Tongaat Hulett chief executive, Peter Staude.

Tongaat Hulett, which aims to produce more than two million tons of raw sugar per annum, supplies sugarcane to its operations in Mozambique, South Africa and Zimbabwe.