City welcomes R23 billion expansion at Sibaya

SOHANA SINGH

ETHEKWINI Mayor Councillor Cyril Xaba has welcomed the R23 billion expansion of the Sibaya Coastal Precinct, as property developers Devmco, officially broke ground on its expansive infrastructure rollout across the precinct.

This marked a significant achievement as the development moves towards interconnected nodes within the precinct. The next phase of the mixed-use development will include 400 residential units, 100 000 square meters of retail and office space, a medical node, and flagship hospitality developments spanning over 1000 hectares among others. This will make it integrated, and sustainable, with lifestyle and convenience at the centre.

The event on 19 June was attended by the KwaZuluNatal Premier Thami Ntuli, MEC for Economic Development, Tourism, and Environmental Affairs Reverend Musa Zondi, i Mayor Xaba, and other key business stakeholders.

Mayor Xaba said: “The Sibaya Coastal Precinct marks a defining chapter in the growth and transformation of our City. It is the strong partnership between Devmco and eThekwini Municipality that has ensured that this development progresses to what we see today,” he said, highlighting the developers confidence in the City. With a projected investment value of R23 billion and an estimated R3.8 billion in revenue from property rates over an eight-year period, this development promises to be an economic game-changer.

“We are confident that there will be transformation benefits for the people of Wards 58 and 102, and the broader eThekwini community,” he added. Since its inception, Sibaya has been a symbol of success. In 2018, it achieved the highest value in property transfers in the country.

Just in the past 18 months alone, over R1.5 billion in property transfers were recorded, a clear signal of investor confidence and sustained demand in the precinct. Mayor Xaba highlighted that as government, at all levels, they are playing their role in enabling critical road infrastructure upgrades in the precinct.

The socio-economic returns of the development include an expected growth from R219 million to R770 million annually in rates revenue for the Municipality from 2025 to 2032.

Another benefit is that 20 000 permanent jobs and 50 000 temporary jobs will be created during and after construction. The empowerment of local communities through targeted procurement, training, and employment is already in motion through the Inkanyiso Programme. This includes opportunities for small and emerging businesses, especially youthowned enterprises.

Brad Winstanley, Commercial Director at Devmco Group, said the event marks the beginning of a new era in integrated coastal living, signalling the start of the precinct’s infrastructure phase.