Durban — The final phase of the mixed-use Oceans Development in uMhlanga, north of Durban, is set to commence this month.
This was announced by the well-known Durban business tycoon Vivian Reddy, a co-developer, during the launch on Friday. The final phase, which will cost R1.2 billion, is an addition to the Oceans Mall and Radisson Blu Hotel.
According to Reddy, the final phase will have a 29-floor tower block and will be unique.
The project was awarded to WBHO, one of the reputable giants in the construction industry, which has commenced work on-site.
Reddy said there will be a major announcement regarding the details of the towers, adding that the project will feature three different components.
“Our decision to proceed with the final phase was bolstered by the steady demand for apartments in the north tower, which is now at 80% sales, as well as the lowering of interest rates,” said Reddy.
The new tower was expected to create 2400 new jobs during construction and was expected to be completed in 20 months.
The R4.8bn Oceans Development has been described as one of the largest projects in recent times in South Africa, comprising the first Radisson Blu Hotel in KwaZulu-Natal and residential towers.
The project also has a 36000m² luxury mall, which is home to several international high-end fashion brands at its Platinum Walk. The north tower, which is nearing completion, consists of 256 apartments.
Reddy said the project was visited by eThekwini mayor Cyril Xaba and city manager Musa Mbhele to check its progress and they expressed great satisfaction at the world-class quality of the development.
Once completed, the Oceans Development will boost eThekwini tourism and increase property values in the leafy suburbs. The mall, valued at R1.3bn, currently boasts 120 stores and several food outlets. It was officially opened to customers in 2022.
Reddy, 71, is the founder and the chairperson of the electrical company Edison Power Group. He also has business interests in casinos including Sibaya Casino, healthcare and financial services. Reddy is one of the richest people in the country.
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