R1.3bn KZN Investment
UMHLANGA’s Ridgeside area has been confirmed as the site for a brand new, R1.3 billion investment. The Umhlanga Arch, a project planned to include offices, retail, a hotel and flats, will be one of the largest mixed-use developments in KwaZulu-Natal.
The development is being undertaken by The Multiply Group, a Durban based global investment company and Tongaat Hulett. Before its launch last week, 80% of the flat units had been sold, and it has attracted about R350 million in foreign investment. An international hotel operator has been confirmed for the development. Developers said in statement that a leading car dealership and high-end retail shops would be part of the project. They said it would feature a concierge service that would handle laundry and deliver groceries.
Terry Rosenberg, chairman of The Multiply Group, said the development would have everything under one roof. “Umhlanga Arch is going to be a place where you can live a full, productive day without having to venture from your address,” he said.
“Our vision for this development was to create a lifestyle for emerging entrepreneurs, serious business people who are trying to establish a balanced home/work lifestyle.” Developers believe Durban is a fruitful area for such an undertaking, considering corporate benefits like the harbour and Dube Tradeport, said the statement. The project will also integrate Tongaat Hulett’s Socio-Economic, Sustainability and Innovation Programme (SSIP) into pre- and post-construction, which will ensure the development process embraces local, community-based economic transformation.
The SSIP, which began in 2014, is an initiative premised on providing opportunities to small businesses and skills development.
Sithembiso Mthembu, executive head of development at Tongaat Hulett, said: “While the SSIP is still in its infancy, in just the area of job placements alone, we have successfully made over 2 000 placements in the last 12 months.”
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