Citing healthy demand for new coastal developments, Tongaat Hulett has released the first parcels of land for development within the eastern component of the Sibaya Precinct development, north of Durban, expecting the 750-ha development to effectively pump R8-billion into the local economy, create 7 000 permanent jobs and generate R100-million in yearly rates.

The launch saw the agricultural and agri-processing business release three of five development parcels in Node 1 of the five-phase development, which abuts the coastal dune forest.  

The newly released land parcels, which already had full development rights, could be accessed from the Sibaya Circle on the M4 and were in close proximity to Umhlanga and the King Shaka International Airport.

Launching the opportunity to developers in Durban and Johannesburg this week, MD Mike Deighton said the three packages would see the construction of 650 sectional-title units and 28 exclusive half-acre stands of 2 000 m² each for the creation of new homes ranging between 1 000 m² and 1 500 m². 

Provision had also been made to accommodate 9 000 m2 of commercial and retail space within the largest of the three packages. 

Equally, provision had been made to accommodate future hotel developments, which, ultimately, could provide in excess of 900 hotel rooms.

“The vision is for a compact, mixed-use urban development, enhancing sustainability by reducing the spatial footprint of the overall development and reinforcing the natural landscape with generous open space.

“The development seeks to actively encourage a real integration of the urban and natural environment, where each element reinforces the other to provide an entirely new urban identity and way of life for future residents and visitors,” Deighton said at the launch function in KwaZulu-Natal on Tuesday.

Tongaat Hulett Developments would be responsible for constructing the main boulevard access road to the three real estate packages, heavily landscaping the surrounding areas and establishing the management structures to enhance land and property values.

The company would also be responsible for reticulating water, sewer and electricity to the site boundaries for the developers.

Deighton said the company had now formally released the real estate opportunities to developers and investors, inviting them to submit proposals by the end of August that included their vision and development concept, deal structure, record and ability to deliver, involved roleplayers and the extent of black-owned business participation.