An artist’s impression, previously shared with the media, of the planned promenade extension and development of the Point Waterfront.
Image: Supplied
Work on the Durban Point Waterfront Development could begin at the end of this year, pending the finalisation of funding talks.
The eThekwini Municipality revealed this as it detailed the state of one of the highly anticipated projects in the city. The project, valued at close to R35 billion, could transform the Point area, but progress had seemingly stalled for the past few years.
The Durban Point Waterfront Development is undertaken by the Durban Point Development Company (DPDC), which is a partnership between the Malaysian company, UEM Sunrise, and the eThekwini Municipality. Previous reports stated that the development, located on the South Point of the Durban Beachfront, is set to include a number of mixed-use development projects, including upmarket residential and commercial developments, a retail mall, a hotel, and leisure facilities.
The Mercury understands that local partners of the project are unlikely to be involved in the second phase of the project amid concerns about delays. They had taken part in the first phase, which included the acquisition of land and the laying down of some infrastructure.
Revelations that the project might soon get underway have been welcomed by property consultants working to boost property investment in the Point area, who believe the project will provide a springboard for further development.
eThekwini Municipality’s Marketing and Communications Director Mandla Nsele said the Point Waterfront Development has long been identified as being critical to the retention and growth of Durban’s tourism industry, stimulating economic activity, creating jobs, and attracting people to the area.
“UEM Sunrise, the foreign direct investors who are driving investment for Durban Point Development Company (DPDC) at the Point Precinct, have given firm commitment to the City that the Point Precinct remains a priority and have advised that they are working closely with potential investors to implement the next phase of the development.
“DPDC has further indicated that preparatory work is underway, including due diligence processes, feasibility assessments, concept planning, design refinement, and funding viability assessments aimed at advancing the next phase of development. The project implementation is subject to securing the necessary funding timeously,” Nsele said.
“Based on the ongoing due diligence assessments, UEM Sunrise is targeting development to commence by the end of 2026, subject to the conclusion of funding arrangements,” he said. Nsele said the city acknowledges that infrastructure readiness, public environment management, and broader inner-city conditions are important considerations in supporting private sector investment and development.
He said the Point Precinct development is expected to significantly stimulate economic activity, attract visitors, and enhance the city’s global appeal.
Eric Apelgren, the founder and Director of Mkhongi Circle, which is involved in organising a property summit in the Point area, said, “It is important for the project to get off the ground. We need all critical stakeholders around the table - property buyers and sellers, Transnet Property division, the City, national and provincial finance institutions, and private investors.
“It’s time for an Urban Improvement Precinct plan that unites the public and private sector around one vision. We must rethink the current plans, inject new energy, and build momentum to revitalise this precinct for the people who live, work, and invest here. Let’s move from talk to action.”
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