The eThekwini municipality has broken ground on the multi-million rand beachfront promenade extension development.
The R300 million beachfront promenade extension, which is expected to be complete in June 2019, is a precursor to the City’s R35 billion Point Waterfront development to be undertaken in three phases over five to ten years.
Speaking at the sod-turning ceremony eThekwini Mayor Zandile Gumede said the Point Waterfront will completely change the landscape of Durban and position it as a global City and boost its tourism profile.
Positive contribution to economic development
“Furthermore, because of this development, the City is expecting that local existing property values in the area are likely to increase by approximately 10% and the overall central business district property values are to rise by 5%,”she added.
“The Point Waterfront development must be seen in the context of a city-wide development process, indicating that Durban is on the brink of change,” said Gumede.
She further mentioned that the overall national public revenues that may be derived from the revised development through the various tax mechanisms could amount to an additional R1.7 billion.
“We are also anticipating that this economic activity will generate billions of rand in the gross domestic product contribution,” she added.
Supporting the general public
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.
“The Beachfront promenade extension will not only support the Point Waterfront development but will also benefit beach goers and general public,” he said.