With at least R500 million already committed, the developers of the fifth and final phase of the The Pearls of Umhlanga are confident that they will sell out the 322 upmarket apartments that make up Pearl Sky as soon as the project officially launches on April 4.
Speaking at a function to mark the official start of construction of Pearl Sky, Piaras Moriarty, director of sales and marketing consultancy DevMark Global, said that a soft start to marketing Pearl Sky had delivered 3000 launch registrations within a short space of time. Of these, 150 represent firm commitments to buy.
“We believe that Umhlanga deserves a residential resort of this magnitude,” MEC for Economic Development and Tourism, Mike Mabuyakhulu, told the launch function. He noted that an upmarket development such as the Pearls of Umhlanga, which would represent investment of around R3-billion on completion, continued to make a contribution towards the province’s meeting its investment targets.
When compared against total net fixed investment through the country between 1996 and 2013, KwaZulu-Natal had attracted around two percent of total investment year on year. Other parts of the country could not boast the same level of consistency, Mabuyakhulu noted.
Once Pearl Sky takes its place on the Umhlanga skyline, the Pearls of Umhlanga will represent the largest private sector investment in the region over the last ten years. He said that a development such as this perfectly complemented the ongoing investment in tourism and infrastructure within the region.
Due for completion in 2017, Pearl Sky will include 322 upmarket residential apartments, as well as a 14 500m² luxury boutique retail component. Offering executive studio, one, two, three and four bedroomed apartments, Pearl Sky promises an exclusive lifestyle. In addition to the modern apartments and sea views, this phase will include zen gardens, sun decks, private lap pools, jacuzzis and children’s play areas to name a few.
“One of the most unique aspects of the fifth phase is the fact that residents will have direct access to a luxury boutique mall offering retail, business and wellness facilities. This will feature the country’s most stylish boutiques, designer labels and the finest restaurants, all to satisfy the most opulent tastes. We are delighted to confirm that Food Lovers Market is the anchor tenant, and that they will be creating a flagship store that will be their most sophisticated yet,” explained Anant Singh, Director of The Pearls of Umhlanga Development.
Pearl Sky will follow a similar architectural rationale to the rest of The Pearls. This has been developed to enhance the concepts of lavishness and fine living. The apartments are modern with all the finer finishes and have an interior-to-exterior flow design that invites sunshine and sea air into one’s living space.
“The Pearls of Umhlanga development has proved to be a major success. With the first four phases (Pearl Reef, Pearl Tides, Pearl Breeze and Pearl Dawn) of the development 100% sold, The Pearls precinct has escalated in value by some 100% since its launch in 2004,” explained Singh.