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.
