The eThekwini Municipality has welcomed a R250 million investment in a new commercial office development at Sibaya Coastal City, describing it as a boost to the city's economic growth, job creation and municipal revenue.
Devmco Group, the master developer of the Sibaya region, officially launched HQ Sibaya, a 7 000-square-metre premium office development, on Tuesday.
Located along Heleza Boulevard, between uMhlanga, uMdloti and King Shaka International Airport, the development forms part of efforts to establish Sibaya as an integrated mixed-use urban node, bringing together residential, commercial, retail and lifestyle facilities.
According to the developer, the project is expected to generate approximately R500 million in total economic output, based on National Treasury's economic multiplier. It is also projected to contribute an estimated R8 million annually to the municipality's rates base.
The development is expected to create approximately 750 temporary jobs during construction, with a further 20 permanent positions once operational.
The Devmco Group said 75% of the available office space has already been sold, with full occupancy anticipated within the first year of completion.
City Manager Musa Mbhele said the development demonstrates the municipality's commitment to facilitating investment-led growth and expanding sustainable economic opportunities.
“HQ Sibaya represents far more than a new office development. It is an investment in the future of our city and a catalyst for economic growth. Projects of this nature attract business, create employment, expand the municipal rates base, and strengthen the competitiveness of our regional economy.
“Through strategic partnerships with the private sector, we are building vibrant, mixed-use urban environments that support investment, innovation and long-term prosperity,” Mbhele said.
Devmco Group Managing Director Schalk Theunissen said the project marks an important milestone in the development of Sibaya as a fully integrated coastal city.
“HQ Sibaya marks the start of the commercial node and creates further opportunities for people to work and live within one coastal city. As Sibaya continues to develop, each new component strengthens the wider vision of creating an integrated environment where residential, commercial, retail and lifestyle uses work together,” Theunissen said.
Construction of the building's upper structure is expected to begin once earthworks have been completed, with the development scheduled for completion in the fourth quarter of 2027.
The municipality has reaffirmed its commitment to working with private-sector partners to attract investment, stimulate economic activity and support job creation as part of its vision to become Africa's most caring and liveable city by 2030. – SAnews.gov.za
