Having identified the growing demand for sought after new coastal developments Tongaat Hulett Developments has released the first parcels of land for development within the Sibaya precinct.
The eastern component of the Sibaya precinct (Nodes 1 and 5) has full development rights that will pump R8 billion into the local economy, create 7000 permanent jobs and generate R100 million in annual rates.
The company launched the opportunity to over 70 developers in Durban with Johannesburg scheduled for later this week.
The Sibaya precinct comprises 750 hectares across five development nodes with all the rights in place for the nodes situated east of the M4 highway, enabling an immediate start on development and construction. The launch saw the company release three investment packages out of the five available within Node 1 which abuts the coastal dune forest.
The development encourages a real integration of urban and natural environment. Tongaat Hulett Developments will take responsibility for establishing a conservation trust for the long-term sustainability of the coastal dune forests surrounding the development area.
The 3 real estate packages being released will see the construction of 650 sectional title units, 28 exclusive half-acre stands, 9000 m2 of commercial and retail space and future hotel developments.
Tongaat Hulett Developments will be responsible for constructing the main boulevard access road, 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.
More information from: Michael Deighton: (+27)315601909/Trenley Tilbrook: (+27)315601928/824962169
