KZN Development - Major boost for investment in the uMhlanga region
Durban, 21 October 2018
October has seen an investment boost for eThekwini with the ownership transfer of four notable property transactions set to bring significant developments to the region, three in the prime Ridgeside precinct and an impressive one in the Cornubia Town Centre.
In the past week, Tongaat Hulett has transferred ownership for the development of Enigma, a 90-unit residential estate. “We are especially encouraged by the fact that this project includes the support of a foreign financial institution,” says Michael Deighton, Managing Director at Tongaat Hulett Developments, “as it demonstrates global confidence in the South African market and our ability to attract long-term offshore investment.”
Reinforcing its confidence in the KwaZulu-Natal region, Cape-based and major national developer Evergreen Developments owned by Amdec Group and PSG will commence its 640-unit retirement village in Ridgeside, in its first foray into the eThekwini Municipality. “This investment grows retirement as a sector in the region and will add to the available stock,” notes Deighton. “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. A new development to address this demand is certainly to be welcomed.”
“Taken together, these two developments will bring a further benefit to Ridgeside,” adds Deighton. “The combination of the Enigma and Evergreen developments will enable the commencement of the plan to rehabilitate the large forested open space buffering Ridgeside and hugging the M4, to achieve active utilisation of this open space as a communal asset.”
Catering to the growing office sector in Durban, the 5,000m² Ridge8 paves the way for a premium-grade corporate office development to satisfy the ongoing demand for office space that is well-located and achieves appropriate densities.
A catalytic investment in the Cornubia Town Centre (CTC) is a 78,000m² black-owned property transaction. Stretching across the N2, the uMhlanga Ridge Town Centre finally shifts inland with the sale of a major portion of the CTC to a wholly black-owned institutional investor, its first major property investment into the region.
With the new Cornubia Bridge over the N2 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”, concludes Deighton. “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.”
Issued by: Tongaat Hulett
Shirley Williams Communications: Shirley Williams
Telephone: 031 564 7700 or 083 303 1663
Tongaat Hulett Developments: Michael Deighton
Telephone: 031 560 1900
About Tongaat Hulett
Tongaat Hulett is an agriculture and agri-processing business, focusing on the complementary feedstocks of sugarcane and maize. Its on-going activities in agriculture have resulted in the company having a substantial land portfolio within the primary growth corridors of KwaZulu-Natal with strong policy support for conversion at the appropriate time. Tongaat Hulett strives to be a proactive and resilient organisation working in collaboration with all its stakeholders through different business and agricultural cycles in a constructive, mutual value-adding and developmental manner. It has operations in six countries in SADC, significant sugarcane and maize processing facilities, a unique land conversion platform, a sizeable animal feeds thrust and possibilities to grow ethanol and electricity generation.