Tongaat Hulett Property, through its contract with Vumani Civils CC, has commenced on the Heleza Boulevard extension within the Sibaya Coastal Precinct.
The first phase includes extending Heleza Boulevard from the traffic circle at the Gold Coast Estate up to the new Balize development which anticipates occupation during the first half of 2022.
“A substantial amount has already been done in Sibaya Coastal Precinct over the last ten years”, says Justin Geyve, Commercial Executive at Tongaat Hulett Property. “The creation of jobs, skills training, sustainable environmental areas and reserves, and coastal and river catchment cleaning projects, were all made possible by our strategic conversion of agriculture land to integrated living developments. Although we have been through a rebuilding process as a business over the past two and a half years, we are now back on track, and we are incredibly excited for what future holds for the development of the Sibaya Coastal Precinct”.
In thirty years, the JSE-listed Tongaat Hulett, together with its construction partners, has facilitated investment of more than R70 billion into the region from land conversion activities across an array of development sectors. However, its present-day agricultural land holdings still hold significant scope for large-scale socio-economic transformation. The commercial, industrial, retail, and residential landscape of KwaZulu-Natal is on the cusp of true redefinition which will drive further economic growth, investment, and social upliftment in years to come.
The Sibaya Coastal Precinct will become a blueprint for what can be achieved with sufficient investment, strategic planning, and responsible execution as a flagship mixed-use development. Heleza Boulevard will be the main road in and out of the precinct, playing a significant part in connecting the precinct’s unique nodes, as well as creating an accessible connection for the community. Today, the Sibaya Coastal Precinct is already one of South Africa’s best performing residential nodes with over R4 billion in sales achieved within the first five years of development and 40% capital appreciation in three years.
The far-reaching impact of catalytic projects on surrounding communities cannot be over-emphasised. Mixed-use developments and socio-economic regeneration projects like Sibaya Coastal Precinct, provide the foundation for a recovering economy, especially where sustainable job creation is at the top of the agenda. Within the precinct, up to 4 500 permanent jobs and 58 000 construction jobs will be created over the next ten years.
Additionally, the city earns significant income through rates and taxes from those who live and work within the region. Sibaya Coastal Precinct has added some R3.5 billion to the property investment value in the municipal area and currently the municipality acquires some R50 million annually in rates income. It could Increase to R90 million in annual rates once the remaining sites in Node 1 and Node 5 are sold and developed.
With fast-tracked development and investment in even further infrastructure, Sibaya Coastal Precinct will cement itself as a true asset to the province.