Oceans Development to bring in R45m in rates
The development is expected to create 15 000 construction jobs.
IT’S ALL systems go for two large-scale projects in eThekwini Municipality, which are set to boost the City’s rates base and transform its spatial footprint. Lekha Allopi, the Project Executive from the Municipality’s Development Planning Department said the planning applications for Kings Estate and Oceans Umhlanga have been approved by the Municipality.
The Oceans Umhlanga development is expected to create 15 000 construction jobs as well as 2 500 permanent jobs within the node.
“It is also anticipated that rates to the City will be approximately R45 million per annum.” The total capital cost of this development, according to the economic study undertaken by the applicant is R3.6 billion with a possible additional R4.8 billion in new business sales and R1.7 billion additional in gross domestic product,” she said.
The Oceans Umhlanga development will house three towers that include elegantly designed residential apartments with sea views, upmarket retail facilities that brings global super-brands to Durban for the first time as well a luxurious five star hotel.
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