Media Coverage

Opportunities in the north >>TONGAAT HULETT DEVELO

Mike Deighton, CEO of Tongaat Hulett Developments (THD), recently addressed Durban Chamber of Commerce members, media and invited guests at the Gateway Hotel in Umhlanga, on the company's projects and prospects in the coastal areas north of Durban. Speaking to The Ridge, Deighton expressed his belief that the economy is in a period of gradual recovery. "What is encouraging is that there are people who now want to do deals. We are expecting to conclude big deals worth a few billion rand in the next month or two," he said. Deighton said that the company owned 8 657ha of developable land in the northern corridor, while another 5 000ha is situated in environmentally sensitive and protected areas, and will be reserved as green areas. Some of the land with exciting development potential includes Umhlanga Ridge Town Centre, which is currently attracting record prices of R3 610/m2. Two residential developments are under negotiation, with one developed building under way. Ridgeside: R3 000/m2 (bulk). Currently 12 new buildings are under way. Construction includes a new electrical sub station. Deighton described this as a long-term plan for mixed use property. Cornubia: Cornubia is a public private partnership between the city and THD, to the north of Gateway Theatre of Shopping, extending towards Sibaya Casino. Cornubia North: Comprises 1 231 gross ha, of which 813ha are developable. Cornubia South: Tongaat Hulett owns 345ha of developable land; the city owns 369ha of developable land. Airport and Dube TradePort: Meetings are ongoing between members of the city administration, the Dube TradePort Company and Tongaat Hulett Developments with world authorities on the aerotropolis concept. All are extremely positive about the potential for this ground-breaking initiative.

The Ridge - 18 Aug 2011