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Point back on Market
Date published 14 July 2009
After three years of delays, prime development land is once again being offered to investors at Durban's Point Waterfront.
And although this might not be the ideal climate, a “savvy developer” with foresight will see through the situation, said Colin Sher, the Sales and Marketing Manager for the Durban Point Waterfront Development Company (a joint venture with the city and a Malaysian company) and Managing Director of Broll Property Group KZN.
“Property comes in cycles and by the time a developer has bought land and developed it, we will hopefully be back in a positive cycle,” Sher said.
Sites range from R20 million to R90 million. The prestigious project, which began in 2003, will eventually boast developments totaling R6 billion.
Delays in the environment impact assessment (EIA) application for the small craft harbour held up the massive project, where some R1.8 billion has already been spent on infrastructure and complexes (excluding the R735m uShaka Marine World). As a result some possible investors switched their attention to the next best opportunity.
But now that the EIA has been successful, it is all systems go again.
The company has just released four prime sites overlooking the planned small craft harbour (with prices ranging from R8 500 – R9 000/metre ²).
Author: Barbara Cole - Daily News
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