Good News For Property Developers

South African Investment Summit beckons with hopes of good news for property developers

“There are 24 projects that are in varying stages of completion in iLembe, across the 4 major areas of KwaDukuza, Ndwedwe, Mandeni and Maphumulo,” said Linda Mncube, manager of strategy, planning and risk at Enterprise iLembe.

 CEO of Trade and Investment KwaZulu-Natal (TIKZN), Neville Matjie.

Property development on the North Coast is booming, and will continue to rise as red tape is cut.

This was the central message from the speakers at the Let’s Talk Property Development event held by Enterprise iLembe at Sugar Rush Park on November 11.

The event served as a strategic engagement session for local property developers and government alike in preparation for the South African Investment Conference Week (SAIC), to be held in Sandton this week.

The SAIC is a week-long series of events that are designed to bring key decision makers and business leaders together and to encourage investment in the country.

“We are also trying to engage in talks of reinvestment – it’s easier to convince an existing company to expand their offering than to find new investment,” said Neville Matjie, CEO of Trade Investment KZN.

“This means easing red tape which is necessary but should be standard for all businesses as they try to invest locally,” he said. Although there are a number of roadblocks in the path of property developers, a number of projects are ongoing across the North Coast.

“There are 24 projects that are in varying stages of completion in iLembe, across the 4 major areas of KwaDukuza, Ndwedwe, Mandeni and Maphumulo,” said Linda Mncube, manager of strategy, planning and risk at Enterprise iLembe.

He cited another metric to measure development, which is to measure the rand value of building plans approved.

“At the moment we only have data for KwaDukuza. For the financial year (July 1, 2019 to June 30, 2020), 535 plans were approved at a combined value of R1.8 billion,” said Mncube.

This represents a R100 million drop from the previous year, which was to be expected with the uncertainty around the coronavirus pandemic, he said.

Khanyisani Shandu, chairperson of the Enterprise iLembe Board, closed the talk while reiterating the positive signs that iLembe was showing for investors.

“There was a lack of trust between the private and public sector, but this meeting represents a fantastic shift away from the way things were dealt with,” he said.

Some events from the SAIC will be streamed virtually, you can find details at sainvestmentconference.co.za.

Credit: North Coast Courier

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