Work has commenced on the final phase of the R4.8 billion mixed-use Oceans development in uMhlanga.
This was announced during a walkabout at the site on Friday. The new R1.2bn, 29-floor development of the south tower was awarded to WBHO, which has commenced work on-site. Business tycoon Vivian Reddy, the co-developer, stated that there will be a major announcement regarding the details of the tower.
“Our decision to proceed with the final phase was bolstered by the steady demand for apartments in the north tower, which is now at 83% occupancy, as well as the lowering of interest rates,” he said.
He added that the new tower will create 2 400 new jobs during construction and is expected to be completed in 20 months.
“We are insisting on the use of black women and youth on the project. An official announcement regarding the details of the tower, which will be unique, will be made in due course.”
The Oceans development is one of the largest projects in recent times in South Africa. It comprises KwaZulu-Natal’s first Radisson Blu hotel and residential towers, as well as the 36 000 square metre luxury mall, which is home to several international high-end fashion brands at its Platinum Walk. Reddy said that the investment of R1.2bn in the new tower demonstrated their confidence in the City and its potential.
Mayor Cyril Xaba said the City was pleased with the development moving to the final phase.
“As much as we welcome foreign investment, when local people invest in the city, they show that they have confidence in the city and the direction that we are heading in. It sends a message that it is safe to invest in South Africa and in this city.”
Xaba added that business confidence was up in eThekwini.
“In the first quarter, it was at 54%, it’s now at 63.1% in the second. We thank Vivian Reddy for the investment he is making in the city with this R1.2bn development that is under way and the over 2 000 jobs that will be created in this development phase.”
City Manager Musa Mbhele said that Durban was a sleeping giant.
“People like Vivian Reddy are one of those visionaries that are awakening the potential of the sleeping giant, Durban.”
“It’s a pleasure to work with Mr Reddy. Great minds build a great city, and we look forward to the Durban skyline never being the same.”