A 50 billion-Rand (about 3.73 billion US dollars) coastal development project has been launched in the eastern South African province of KwaZulu-Natal (KZN) which seeks to cement its reputation as one of the country’s leading property business regions.
The Sibaya Coastal Precinct, located about 10 kilometres from Durban’s King Shaka International Airport, is a mixed-used development, which will be developed over 10 to 15 years and which will potentially see the construction of about 9,000 residential dwellings.
It has been billed as one of the largest place-making endeavours of its kind in the province.
“There is land that will be available to people of different income routes, but there’s still in a way, a distinction. So, if you want a house with a nice 180-degrees sea view, you might still be more in a high income group, but if you want to have a house closer to the freeway, unfortunately, you would be in the lower income dynamics. But the big thing here is people won’t have to travel 20 or 30 kilometres if they work in this precinct,” said the project chief executive officer, Peter Staude.
The project is set to create some 30,000 permanent jobs.
For the government, an inclusive approach is key as the Member of the Executive Council (MEC) for Economic Development of the provincial government, Sihle Zikalala, explained.
“We must enforce BEE (Black Economic Empowerment) and ensure that these companies are also on the property industry. They must adhere to the Code of the BEE and we are going to continue engaging with them to ensure that they uplift and integrate black people in general, but Africans in particular, ensure that Africans are interested in the property industry.”
Source: NAM NEWS NETWORK.