Exclusive luxury estate for Zimbali

Pharmaceutical billionaire Stephen Saad has bought the abandoned Zimbali hotel development belonging to mining magnate Mzi Khumalo.

The 120-room, ocean front hotel development came to a halt when Khumalo’s company Metallon Hotels and Leisure, was placed under provisional liquidation in 2009.

Work on the roads and services infrastructure for the development started this week.

Saad’s business partner Vincent Christoforos said these luxury homes will be for ‘friends and associates’ and will not be on sale to the public.

“We are creating a very exclusive and really special estate. Essentially what could be the most exclusive address in the country. The estate, named The Reserve, will also offer residents a beach club featuring a gym, bar and ocean-front gazebo,” he said.

The Zimbali Estate Management Association (Zema), Zimbali’s HOA has seen and reviewed the plans for the proposed new development and believe that it will add immense value and enhance the overall offering within Zimbali Coastal Resort.

“We are pleased that this prime piece of property is finally being developed and the progress of the development is in accordance with the Estate’s high standards” said Zema general manager Shantelle Walters.

Saad is the founder of Aspen Pharmaceuticals and is ranked 20th in Forbes Magazine’s inaugural list of the 40 richest people in Africa.