Developers and investors were all at Tongaat Hulett Developments’ long-awaited launch of land at Sibaya precinct.
Mike Deighton, Tongaat Hulett Development’s (THDev) MD, officially opened the door to developers and investors who’ve long been eyeing the land at the Sibaya precinct, on Durban’s affluent, sought-after north coast belt. The precinct comprises 750ha across five development nodes, and all the rights are in place for the nodes east of the M4 highway, so there’s no barrier to an immediate start. The THDev released three investment packages out of the five available within Node 1 (which abuts the coastal dune forest), with full development rights, injecting a potential R8bn into the local economy, 7,000 permanent jobs and R100m in annual rates.
The Durban launch took place at Sibaya Hotel on Tuesday 4 August, and over 70 developers attended. In addition to the audio-visual aerial images of the layout, all present were led to the rim of the hotel property to view the staked-out land. Potential role players have been invited to submit proposals, including their vision and development concept, track record and ability to deliver – including black-owned business participation as well as deal structure - by the end of August 2015. All these elements – and more - will play a key role in determining which developers are selected. Land is almost non-existent heading north, so interest is keen. Easy access to these nodes – from Sibaya Circle on the M4 – plus proximity to King Shaka International Airport and the commercial and retail lights of Umhlanga, makes this sizzling hot property. The Johannesburg leg of the roadshow is over two days, and the response is expected to be just as enthusiastic.
The built vision here is for “a compact, mixed-use urban development,” but there’s a determination to reduce the overall spatial footprint, and reinforce the natural landscape with wide open spaces. These three real estate packages will encompass 650 sectional title units and 28 exclusive half-acre stands (2000 m2) for new homes ranging from 1000m2 to 1500m2. The largest of the three packages has provision for 9000m2 of commercial and retail space - there’s also provision for future hotel developments of 900 hotel rooms.
“The proposed Sibaya node is surrounded by three pristine forests (350ha), and THDev will take responsibility for establishing a conservation trust for the long-term sustainability of the coastal dune forests," Deighton said. The forests will be an integral part of the overall vision for this region, and the development is designed to encourage an authentic integration - and interaction - between urban and natural environment. Discreet walkways through the forest will offer access to the beaches and Indian Ocean below.
THDev is intimately involved in the infrastructure, constructing the main boulevard access road, landscaping of surrounds, and establishing the management structures; likewise for reticulating water, sewerage and electricity to the site boundaries for the developers.
Sibaya promises a privileged lifestyle, with an idyllic balance of stylish and appealing architecture, natural habitat, open spaces, ocean, and urban sophistication.
This article originally appeared in Neighbourhood, Sunday Times