DURBAN – The municipality of eThekwini is set for significant property developments with the ownership transfer of four notable property transactions during October.
Agriculture and agri-processing business Tongaat Hulett has transferred ownership for the development of Enigma, a 90-unit residential estate, while Cape-based national developer Evergreen Developments, owned by the Amdec Group and PSG, will commence a 640-unit retirement village in Ridgeside in its first foray into eThekwini.
“We are especially encouraged by the fact that this project includes the support of a foreign financial institution as it demonstrates global confidence in the South African market and our ability to attract long-term offshore investment,” Tongaat Hulett Developments managing director Michael Deighton said of the Enigma project.
He said the Ridgeside project would grow retirement as a sector in the region.
“Long acknowledged as a retiree’s haven, Durban’s climate and amenities, healthy outdoor lifestyle and panoramic views give it unparalleled competitive advantages in the retirement space,” said Deighton said. “A new development to address this demand is certainly to be welcomed.”
Other projects in the pipeline include a premium-grade corporate office development, while the uMhlanga Ridge town centre will shift inland with the sale of a major portion of the Cornubia Town Centre (CTC) to a wholly black-owned institutional investor.
With the new Cornubia Bridge over the N2 highway physically linking the uMhlanga Ridge with the emerging CTC, the investment will symbolically link the two locations, kick-starting the emerging urban centre and creating a new hub for regional growth.
“These four key investments mark a significant week for Durban and again signal the enormous potential for further financial and social benefits as the ripple effects extend through the region,” Deighton said.
“The range of investments, the foreign capital inflow, the notable shift towards black-owned property transactions, and the impact on the province give us tremendous confidence into the future.”