A new settlement is under development just outside of Durban called Cornubia, which will change the skyline between Umhlanga and King Shaka Airport over the next 15 years.
The Cornubia development is a result of a collaboration between the eThekwini municipality and Tongaat Hulett, and broke ground in 2012, with residential properties becoming available in 2014.
The R25.8 billion development is being funded largely by Tongaat Hulett, which is investing R14.3 billion in the project along with R10.4 billion from the government over the development period. A further R1.1 billion will be financed by the South African Sugar Association.
When completed in 2030, it will encompass mixed-use development of around 1 200 hectares of land – 80 hectares of which is earmarked for industrial development.
The remainder of the land will be set for commercial, housing and other social and public facilities that include, schools, clinics, police stations, post offices and multi-purpose halls.
Upon completion, the development will have 24,000 housing units, of which 15,000 will be low-cost homes. The construction phase will create up to 250,000 new jobs, while the completed development will create space for about 48,000 permanent retail and industrial jobs.
An estimated 285,000 new employment opportunities will be created in the long term by the commercial activities associated with Cornubia, the developers have said.
According to the developers, the residents of Cornubia will ultimately contribute about R300-million in rates to the eThekwini coffers and a further R2.1-billion in VAT receipts for the national fiscus.
During its development, the project is projected to have a GDP contribution of R50.4 billion coming from the build over 20 years.
The development includes the R1.5 billion Investec Cornubia Mall, which is an 85000 square metre structure located only 4km away from the biggest mall in Africa – Gateway.
The current plans represent the first phase of the much longer-term goals of Cornubia, with two more phases planned for the future, stretching all the way to King Shaka International Airport.
Phase 2 and 3 of the development is expected to draw as much as R210 billion in investment, adding 160,000 news house across all levels of affordability, as well as other social and commercial developments.
The next phases, over 4,000 hectares of land, is expected to add 330,000 new employment opportunities during a development phase of 15-20 years.