THE development of a R1,5bn integrated residential, commercial and industrial project is being planned on the KwaZulu-Natal North Coast.

The Woodmead development is expected to provide homes, work opportunities and social facilities for 3500 families in a self-contained community covering 427ha. The Woodmead development is about 50km north of Durban, strategically located near Shakaskraal and adjacent coastal development areas.

Developed by Standard Bank’s Integrated Residential Development division (IRDev), the project will provide affordable freehold, sectional title and rental housing.

It will form an integral part of the existing community.

IRDev MD Kevin Duncan says: “In addition to the housing, Woodmead makes provision for facilities such as community halls, crèches, schools and public transport”. He says employment opportunities will be created for people in the area in the development zones allocated to commercial and light industrial sites, as well as a site that will facilitate development of a substantial neighbourhood retail complex for the Shakaskraal area.

Duncan says a strong partnership and support from the Kwadukuza municipality played an important role in making the development a reality.

On the residential side, provision has been made for freehold, sectional title and rental stock.

The development has been designed to offer affordable housing for a range of household incomes not catered for in most coastal housing estates.

About half of the units will cater for families earning up to R15000 a month, and the balance for those earning more.

The purchase price of the homes will vary between R350000 and R900000. Purchasers will be able to apply for mortgage finance from Standard Bank. The completion of Woodmead will take about five years, but work has already begun on the delivery of bulk services such as water, electricity and sewerage.

Turnkey development of the housing has been awarded to a reputable local developer who will undertake construction and marketing of all units, Duncan says.

The first buyer of eight light industrial sites is a national company that will open a bakery in Woodmead. It becomes the first business occupant of an area that provides 42 sites for light industry, storage and warehousing.

Ancillary businesses will also establish themselves in Woodmead once construction of the bakery commences. Installation of the services on the industrial sites has commenced and will be completed by the end of this year.

The retail site, large enough to cater for a sizable regional shopping centre, will be serviced and then sold by Standard Bank to a specialist developer.

Woodmead will also feature a taxi rank and a service station. Community recreational needs will be met through public open spaces that will cover about 101ha. Eleven sites within Woodmead have been allocated to community areas, which include two schools, crèches, churches and community halls.

“The integrated residential development model offers unrivalled opportunities for people to acquire affordable homes that are located in a strategic development area,” Duncan says.

“Woodmead will, we believe, become a model for other developments in KwaZulu-Natal and around the country.”

Source: Business Day