Work on the Durban Point Waterfront development could begin by the end of 2026 if funding is finalised, the eThekwini Municipality said. The project is valued at between R30 billion and R35 billion.
The plan would turn the Point area into a waterfront precinct with homes, offices, shops and leisure facilities. It has been in the pipeline for more than a decade, Daily Investor reported.
“Based on the ongoing due diligence assessments, UEM Sunrise is targeting development to commence by the end of 2026, subject to the conclusion of funding arrangements,” said Mandla Nsele, eThekwini’s Marketing and Communications Director.
Nsele said the project remained a priority for the city and for UEM Sunrise, its Malaysian development partner. He said the developer was working with potential investors on the next phase.
The Durban Point Development Company is running the project. It is a partnership between UEM Sunrise and the municipality.
A revised framework plan approved in 2015 allows for about 750,000m² of development. The master plan shows a new neighbourhood next to the central business district, linked to public transport, the beach and the harbour. Some buildings would be more than 55 storeys high.
The project’s published estimates say the finished development could create about 6,750 permanent jobs and 11,000 construction jobs. They also say it could bring the municipality about R200 million a year in rates.
The first phase began in 2017. It covered bulk infrastructure upgrades and the Point Promenade. The promenade extension, which runs towards uShaka Marine World and Vetch’s Pier, opened to the public in November 2019.
The municipality has finished its main infrastructure and water main upgrades. The new MSC Passenger Cruise Terminal has also been completed.
Progress has stalled in recent years, however, and large parts of the site are still vacant. The municipality has previously said economic conditions affected the original business model, which led the developer to look at other ways to attract investment.
Nsele said UEM Sunrise was doing feasibility assessments, concept planning, design changes and funding checks. The municipality has also said the state of the inner city matters to private investors.
Durban has had repeated beach closures linked to sewage pollution, Daily Investor reported. Concerns about crime and failing infrastructure have also affected the central business district.
Eric Apelgren, founder and director of Mkhongi Circle, called for stronger cooperation between the public and private sectors. His company is helping to organise a property summit in the precinct.
“We need all critical stakeholders around the table,” Apelgren said. He named property buyers and sellers, the Transnet Property division, the city, national and provincial finance institutions, and private investors.
The project has also faced a legal dispute over public access to the beachfront. A settlement reached in 2017 helped resolve concerns that the development could restrict access to the beach, and it allowed the promenade extension to go ahead.
Source: this article is based on reporting by Daily Investor. Image: Daily Investor. Written with the help of AI and published by the Tzaneen Voice Business desk. See our Editorial Standards.
Anelisa Nkuna covers business and money news for Tzaneen Voice. Anelisa reports on the rand, fuel prices, interest rates, jobs, Eskom, Transnet, farming and company results. The aim is simple: explain what the numbers mean for household budgets, small businesses and workers in South Africa.