Waterfront sites up for grabs from April.

Posted On Friday, 21 February 2003 10:01 Published by
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Durban Point Waterfront sites would become available to potential purchasers from April, Neels Brink, the project director, said yesterday.
Durban - Durban Point Waterfront sites would become available to potential purchasers from April, Neels Brink, the project director, said yesterday.

The first phase of the infrastructural development managed by Moreland, the property development arm of the Tongaat-Hulett Group, is on track for completion by the end of the year.

It will pave the way for an envisioned R2 billion investment by the private sector over the next 10 years.

The project is expected to be a 'city within a city', with developments including a mix of retail outlets and tourism attractions, as well as up-market residential apartments and an office section.

A steady flow of inquiries has been received from several potential investors who have informally approached Brink, a Moreland executive director.

Moreland is regarded as the foremost land development company in Durban, having successfully driven the R4 billion La Lucia Ridge office park development.

Mzi Khumalo, the chairman of the Durban Point Development Company, said the first phase of canal work on the 50ha site would begin soon. The company was pushing ahead to complete roads and basic services.

Brink said there would be a continuous process of land release as infrastructure was developed over the next decade.

'This is a long-term project like Cape Town's Waterfront, which is still being developed after 14 years,' he said.

One element of uncertainty is the proposed widening of the harbour mouth. But the National Ports Authority (NPA) is due to finalise the harbour widening line by the end of the year.

Khumalo said: 'As soon as the NPA commences construction of the new pier early in 2005, the Durban Point Development Company will consider accelerating its plans for a small craft harbour on the Indian Ocean side of the Point.'

Donald Kau, the NPA's media liaison officer, said simulations were under way to increase the minimum harbour width to 235m from the present 122m.

'The plans also call for a deepening of the draught to enable the passage of the latest generation of giant container ships,' he said.

An environmental impact assessment on the widening of the mouth began last year, and Kau said 24 months' notice had been served on all stakeholders.

Publisher: Business report
Source: Margie Inggs

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