The KwaZulu-Natal economy is shaking off the horror effects of the 2021 looting, the Covid-19 pandemic and the devastating floods that caused untold damage to infrastructure by forging ahead with multi-billion rand projects aimed at creating jobs and kick-starting a faltering economy.
At the centre of this is the KZN mid-South Coast that is witnessing the rise of one of South Africa's most ambitious projects, the Renishaw Coastal Precinct.
Spanning a staggering 1,300 hectares, this mixed-use development is not just a testament to architectural prowess, but also a beacon of community-centric growth and sustainable development.
Already, R500 million has been invested in the 25ha Renishaw Hills, the inaugural development within the precinct, with projections estimating a total expenditure of R15 billion upon its completion. This monumental project promises to be a significant job creator, bolstering the local economy.
It comes as a new catalytic project covering 20 hectares of industrial land is on the cards for the outer west region of Durban breaks ground on Wednesday.
The eThekwini Municipality, led by Mayor Mxolisi Kaunda, together with the developer, will be breaking ground on the new Giba Gorge Business Park.
According to the city, the development has the potential to create approximately 5,000 employment opportunities for the local community and contribute millions in rates revenue for the City.
KwaZulu-Natal has seen a surge in property investment over the past three years, with investors drawn to the province's strong economic growth, favourable business climate and beautiful natural scenery.
One of the most notable property investments in KZN has been the development of Oceans Mall in uMhlanga. The R2 billion mall, which opened in 2022, is home to over 200 stores and restaurants, and is expected to attract over 10 million visitors per year.
Meanwhile, Trade & Investment KwaZulu-Natal (TIKZN) showcased the Renishaw precinct at the 5th South African Investment Conference (SAIC) earlier this year.
This move culminated in a R500 m pledge towards President Cyril Ramaphosa's R1.2 bn investment target. Furthermore, the precinct's enrolment into the Eastern Seaboard Initiative was facilitated by Thami Klassen, director at the Department of the Trade Industry and Competition (DTIC).
Barto van der Merwe, managing director of Renishaw Property Developments, lauded the collaboration with the DTIC. "Our partnership with the DTIC has been immensely positive," he remarked.
"I'm confident that this is merely the beginning of a fruitful and impactful collaboration, underscoring the potential of private-public partnerships," he said.
President Ramaphosa has recognised the precinct's significant contribution to the nation's economy, incorporating it into the South African Economic Reconstruction and Recovery Plan. This national nod was followed by a visit from Deputy Ministers Kenneth Morolong and Nomasonto Motaung earlier this month.
“The success of Renishaw Hills, where property values have surged by 50% in just five years, is a testament to the potential of the entire precinct," Van der Merwe said.
Addressing the media at the Renishaw Coastal Precinct in Scottburgh, Morolong emphasised the profound socio-economic impact of the community programmes associated with both projects.
"These initiatives have been instrumental in transforming the lives of individuals who were previously unemployed," he remarked.
Furthermore, Morolong lauded the skills and entrepreneurial opportunities that have emerged for the youth at both Serenity Hills and Renishaw Coastal Precinct.
"The investments in these projects signify a pivotal economic transformation for South Africa. The government remains steadfast in its commitment to mobilise both domestic and international investments, ensuring sustainable job creation for our nation's future," he added.
The master plan for the precinct is grand, yet sustainable. It envisions five distinct nodes enveloped by conservation areas, aiming to create a self-sustaining ecosystem with profound socio-economic benefits.
The developers, continuing the legacy of Crookes Brothers Limited, have already donated 142ha of land to the local KwaCele Tribal Council (KTC) and plan for the council to acquire 10% of the development.
This generous land donation, adjacent to the precinct, offers the community myriad opportunities for sustainable income, be it through agriculture or commercial ventures. The establishment of the KTC Trust ensures that the community will fully benefit from this gesture.
The development promises not only secure housing, but also a revitalisation of the local economy across various sectors. The development will host a plethora of facilities, from office parks to medical centres, creating a myriad of employment opportunities. The community is already witnessing an upswing, with several members transitioning from labourers to entrepreneurs.
Conservation remains a cornerstone of the precinct's ethos, where parts will be transformed into conservation areas, restoring the indigenous coastal forest and grassland. The ongoing rehabilitation of the Mandawe Wetland, employing local workers, is a testament to this commitment. With over 200 plant species identified, the area is poised to become an eco-tourism hotspot, complete with hiking and biking trails.
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