A new mixed-used development project has officially launched on the KwaZulu-Natal north coast which is expected to inject some R50 billion into the local economy. Sibaya Coastal precinct is the brainchild of Tongaat Hulett Developments, the property development arm of Tongaat Hulett.
The new precinct is set to be predominantly residential – approximately 9‚000 homes and apartments.
It will also include 500‚000 square metres of commercial property – retail and office space, schools‚ universities, health and retirement, together with hotel, recreational, leisure and tourist related options.
Development of the Sibaya Coastal Precinct is expected to take around 15-20 years.
The new city will be located midway between uMhlanga Rocks (4km) and the King Shaka International Airport (10km) and 23km from the Durban CBD. Including some 6.5km’s of pristine beach frontage and coastal dune forest, the Sibaya Casino and Entertainment Kingdom sits centrally within the Sibaya Coastal precinct and the town of eMdloti is located along the eastern boundary.
The site will be located across seven nodes, each with its own character and identity but integrated and connected into a single destination via green boulevards and an extensive open space network incorporating 75km’s of paths, cycle lanes, boardwalks and hiking trails.
Nodes One and Five have full development rights and parcels within each node are already available for sale including Ocean Dune (residential apartments) and Signature (exclusive, single residential properties).
According to Pam Golding Properties: “Most of the plots at Signature were sold before the official launch, with vacant sites selling from R4.2 million to R10.5 million”.
The new owners are expected to invest a further R10 million to R20 million in building their luxury dream homes, it said.
Iyer Architecture and Urban Design Studio have prepared comprehensive architectural guidelines for all development within Sibaya Coastal Precinct.
Source and Credit: businesstech.co.za