New property developments to boost city investment

New property developments to boost city investment

Original Source: The Star

The municipality of eThekwini, which includes Durban, is set for significant property developments with the ownership transfer of four notable property transactions this month.

Agriculture and agri-processing business Tongaat Hulett has transferred ownership for the development of Enigma, a 90-unit residential estate, while Cape based national developer Evergreen Developments, owned by the Amdec Group and PSG, will commence a 640-unit retirement village in Ridgeside.

“We are especially encouraged by the fact that this project includes the support of a foreign financial institution as it demonstrates global confidence in the South African market and our ability to attract long term offshore investment,” Tongaat Hulett Property managing director Michael Deighton said.

He said the Ridgeside project would grow retirement as a sector in the region. “Durban’s climate and amenities, healthy outdoor lifestyle and panoramic views give it unparalleled competitive advantages in the retirement space,” said Deighton. Other projects in the pipeline include a premium grade corporate office development, while the uMhlanga Ridge town centre will shift inland with the sale of a major portion of the Cornubia Town Centre(CTC) to a black owned institutional investor.

With the new Cornubia Bridge over the N2 highway linking the uMhlanga Ridge with the emerging CTC, the investment will symbolically link the two locations.

“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,” Deighton said.

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