Whatshot
Tongaat Hulett Developments releases land at Sibaya
Tongaat Hulett Developments releases land at Sibaya
Having identified the growing demand for sought after new coastal developments Tongaat Hulett Developments has now released the first parcels of land for development within the much awaited Sibaya precinct. The eastern component of the Sibaya precinct (Nodes 1 and 5) has full development rights that will effectively pump R8 billion into the local economy, create 7000 permanent jobs and generate R100 million in annual rates.
"There is a pent-up demand and serious appetite for investment in the north coast and this release will most certainly meet the aspirations of the well-heeled. Current developments like Izinga and Zimbali have been wholly sold out, leaving the market gasping for fresh investment opportunities," Tongaat Hulett Developments MD Mike Deighton said on Tuesday at the launch function held at the Sibaya Casino and Entertainment Kingdom.
The company launched the opportunity to more than 70 developers in Durban with Johannesburg on the roadmap for Wednesday and Thursday this week. Judging by the over subscription to the Durban launch we expect an even greater turnout in Johannesburg." said Deighton.
The development seeks to actively encourage a real integration of 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. Surrounded by three pristine forests covering some 350 hectares which are some of the only coastal dune forests found outside the Isimangaliso Wetland Park in northern KwaZulu-Natal.
Tongaat Hulett Developments would be responsible to construct the main boulevard access road to the three real estate packages heavily landscaping the surrounding areas, and will establish 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.
"Sibaya, quite simply, provides the platform for the last word in elegant, stylish and sophisticated living. It is the promise of superior levels of privacy and unobtrusive security coupled with extraordinary views of the ocean and Durban's coastline," Deighton said.
Judging by the interest already being shown, there is likely to be no shortage in proposals being submitted.