Conservation and Community are Driving the R15 Billion Rand Renishaw Coastal Precinct Investment
Renishaw Coastal Precinct, the 1 300 hectare mixed-use development on the KwaZulu-Natal mid-South Coast, is considered one of the country's biggest developments underway. To date, R500 million has been spent on the 25 hectare Renishaw Hills, the first development within the Renishaw Coastal Precinct, with an anticipated spend of around R15 billion upon completion, creating thousands of jobs in the area.
The community-centric development is in the process of contributing 142 hectares of land, with 10% of the development company set to be acquired by the local community. The precinct's massive contribution to local communities and the economy saw it been honoured by President Cyril Ramaphosa at the 5th South African Investment Conference (SAIC) in April this year, with the Renishaw Coastal Precinct forming part of the South African Economic Reconstruction and Recovery Plan.
The Deputy Ministers in the Presidency, Mr Kenneth Morolong and Ms Nomasonto Motaung, led a media tour in KwaZulu-Natal on Friday to showcase the South African investment projects based in the province. The Renishaw Coastal Precinct is one of the investment projects they visited.
"It was such an honour to welcome delegates from government, as well as members of the media, as this afforded us an opportunity to provide them with a first-hand view of what is being done here and what we hope to achieve through the Renishaw Coastal Precinct," noted the Managing Director of Renishaw Coastal Precinct, Mr Barto van der Merwe.
"The investment potential has been well-established by Renishaw Hills, the mature lifestyle estate where homes have already escalated in value by 50% in five years. But we are anticipating much more economic stimulus for surrounding communities as the development unfolds, with projects and collaborations in place to stimulate this growth," he said.
He added that consisting of five nodes surrounded by conservation areas, he said that the Renishaw Coastal Precinct was being developed into a mixed-use, self-sustaining precinct with far-reaching socio-economic benefits for the local communities.
"The developers are committed to continuing the legacy of inclusivity and sustainability. This has been demonstrated through the developer's donation of 142 hectares of land to the local community through the KwaCele Tribal Council (KTC), as well as 10% of the development set to be acquired by the council through a buy-out process," said Van der Merwe.
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According to Van der Merwe the 142 hectares of land adjacent to Renishaw Coastal Precinct provides further opportunities for sustainable income generation through agricultural practices or commercial ventures. The development will not only provide much-needed secure housing for residents but is set to reignite the local economy through several key sectors. One of these is job creation, with significant employment opportunities emerging in the skilled and unskilled labour market as security villages, office parks, retail, educational, medical facilities and more take shape on the land set aside for development.
Furthermore, there will be long-term staffing opportunities within these businesses once the development is up and running. The local communities are already benefitting from upskilling, with three members working their way up from labourers to business owners, providing products and services to Renishaw Hills and surrounds.
