It was sponsored by Renault from '09 to '12 and when Renault pulled its sponsorship in '13 the event was cancelled. With the addition of Jaguar as a title sponsor for '14 the event will return this May. I'm assuming this video is from the '11 edition of the race since '13 was cancelled and '14 hasn't happened yet and with the second video ascribed to 2011 showing a wrecked silver GT-R in addition to the crash of an Audi R8. It does appear to be a very short hill climb however given that the winning times in '12 (top seven spots all held by GT-Rs) were in the 40+ second range. You can see a couple photos of the course at below.
You can see more info on the event here: http://www.speedfestival.co.za/

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