KwaZulu-Natal is set to receive a significant economic boost with a R5 billion investment, which will create thousands of jobs as the Sibaya Precinct embarks on its next phase of expansion.
The development, aimed at the affluent market, is being led by the Devmco Group, which has previously invested R6bn in the precinct since its launch in 2016.
Schalk Theunissen, the managing director of Devmco, said yesterday, “Our expansive new vision will inject R5bn into KZN’s economy including substantial private investment – creating over 70 000 indirect and direct jobs over the next five years.” Of these, 12 000 will be permanent positions.
Listen to Theunissen below:
Construction on key developments is scheduled to begin next year, with infrastructure already in place. Roughly R1.2bn was spent on infrastructure with another R600 million to be spent by the developer.
Phase 1 of the Sibaya Precinct includes more than 1 300 residential units, free-standing homes, and more than 20 commercial and retail offerings. The precinct has seen significant growth, with a population of 7 035 recorded in June 2024, reflecting an increase of roughly 71 adults (28 families) per month since December 2021.
To date, Devmco has achieved R6bn in sales, underscoring the precinct’s growing appeal as a destination for those seeking a seamless, secure and fulfilling lifestyle.
“The combined Umdloti and Sibaya residential market has grown by 192% between 2021 and 2024,” the company said.
Brad Winstanley, the commercial director at Devmco, said, “The Sibaya Precinct shows how a clear vision, well-executed, can create a desirable destination. With the continued support of the municipality and dedicated management teams, we are set to fast-track the development into a modern, mixed-use lifestyle offering, and we are excited to be part of this.”
Listen to Winstanley speak below:
Future developments will include new retail and commercial spaces, corporate headquarters, medical facilities and flagship branded stores. In addition, residential and hospitality developments will offer a world-class lifestyle with first-rate amenities.
He said the group would market more than 92000 square meters of commercial opportunities - retail, hospitality, office and medical. Devmco was bringing an additional 400 residential units to the market in terms of opportunities, and an additional 400 hotel suites to market.
Current blue-chip tenants include Barrows, Bidvest and key national tenants such as Checkers, Woolworths, Dis-Chem, among others.
“The precinct’s private road networks will be upgraded and maintained to ensure seamless access to national roads like the M4 and N2,” said Theunissen.
He said, “Today marks the culmination of an almost 10-year journey, which started on the roof of a Land Rover. Charles (Thompson, a director at Devmco) was confronting a bunch of shareholders looking over the forest and the beach, and he was explaining to them this vision that could be and 10 years later, almost, we are standing here today.”
In keeping with its commitment to sustainability, Devmco has set aside 60% of the land for preservation.
“This green space will feature parks, trails, and a signature lookout point with panoramic views across the precinct. This balance between development and preservation reflects our respect for the natural landscape, allowing residents and visitors to connect with the beauty of the coast and forested areas, while enjoying modern amenities,” the company explained.
The development will also integrate open parks, secure public amenities, and landscaped spaces with existing trail routes and a 350-hectare protected forest. Internal road networks will be pedestrianised, with residents able to walk or use golf carts to get around.
Thompson said it was good news for Durban, adding, “There is so much to do here. There is so many opportunities.”
BUSINESS REPORT