The Championship will return to Kwa-Zulu Natal for the second consecutive year and Oosthuizen said the news that Volvo had increased tournament prize money ahead of the event was good news for the tournament.
“It is fantastic for South Africa to get to host the European Tour’s ‘Tournament of Champions’ again,” Oosthuizen said on Tuesday.
“It is an impressive boost to the prize fund and I am delighted to be defending my title at the Durban Country Club.
“I love the course and enjoy the advantage of playing in front of my home crowd. I look forward to opening my season there very much.”
The event, reserved for European Tour players who have won an event on the previous year’s international schedule and current Tour Members with more than ten European Tour victories, will tee-off on January 9-12.
The prize fund will increase by more than 50%, from approximately $2.6 million in 2013, to $4 million next year.
Oosthuizen edged Scotland’s Scott Jamieson to win the title this year, having stormed back in the final round to shoot a six-under-par 66 and win the title by one stroke.