ETHEKWINI Mayor Zandile Gumede on Tuesday hosted the sod turning ceremony for the multi-million rand beachfront promenade extension development.
The R300-million Beachfront promenade extension is a catalyst to the R35 billion Point Waterfront development to be undertaken in three phases over five to ten years.
The sod turning ceremony signalled the official commencement of the Beachfront promenade extension which is expected to be complete in June 2019. This promenade extension will unlock phase one of the Point Waterfront that will include hotels, a shopping centre, offices and residential premises.
The entire Point Waterfront project which is a public and private partnership venture is expected to create 11 000 jobs during the construction phase per annum and provide an estimated 6,750 permanent jobs after completion.
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“It is encouraging to note the growing interest from the business sector to work with government in major strategic investments,” Gumede said.
She said the Point Waterfront will completely change the landscape of Durban and position it as a global City and boost tourism profile.
Furthermore, because of this development, the City is expecting that local existing property values in the area are likely to increase by approximately 10 percent and the overall central business district property values are to rise by 5 per cent.
Soban Bavarah, an international investor from Malaysia, who is behind the Point Waterfront development thanked the Municipality for its commitment to ensure this development takes-off and continues to grow.
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“The Beachfront promenade extension will not only support the Point Waterfront development but will also benefit beach goers and general public,” he said.
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