EBANDLA

KZN Successful  Alumni 

 

Durban Point Development










The eThekwini Municipality through the Durban Infrastructure Development Trust and ROC Point, an entity owned 80.4 percent by Malaysian development company UEM Sunrise and 19.6 percent by empowerment company Vulindlela Holdings are planning to develop four precincts at the Durban Point. They will be developed in phases for a period of 15 years. Phase I consist of hotel, retail and residential components including the extension of the promenade. These are targeted to be launched in 3Q 2017 with a total development value of R 5.8 Billion and expected to be completed by the 2022 Commonwealth Games. The project is subject to  the municipality delivering the basic common bulk infrastructures such as water, sewer, electricity, and road.

The overall Gross Development Value of Point Development Project is expected to be approx. R 30 Billion over the period of 15 years (2016 – 2031). 

Upon completion, the Point Development is expected to inject an estimated of ZAR200 million annually into the City rates base and anticipated GDP / GVA Contribution of more than ZAR700 million. A socio economic assessment of the new development proposals concluded that the proposed development plan will yield a range of measurable positive impacts, in the immediate area of the development, in the CBD, in respect of job creation, rates revenue, national tax revenue, as a contribution to the overall quality of the City of Durban. Approximately 11,000 construction phase jobs are likely to be created per annum, 6,750 more permanent jobs are likely to be create and local existing property values are likely to increase by 10% and central Durban property values are likely to increase by 5%.