A new R1 billion development called ‘The Skye‘ is planned for Umhlanga, which will be a mixed-use space comprising residential, retail and a hotel.
The development will be headed by Saantha Naidu, chief executive of Coastlands Hotels and Resorts, and the SNG Group, taking up a position opposite the Umhlanga Arch in the new Ridgeside precinct.
The first phase of the development will encompass a residential development, retail and hospitality outlets as well as car showrooms.
The second phase, which may run concurrently with this development, will comprise of a hotel and lifestyle centre.
A residential component will be a big drawcard for the development, with the Skye Luxury Apartments targeting high-income earners with a selection of four and five bedroom penthouses.
According to sales pitches for the group, 183 apartments are planned, starting from R2.1 million for a one-bedroom apartment, to just under R10 million for a four-bedroom penthouse.
Umhlanga has become a prime location for many high-profile developments, with The Skye and Umhlanga Arch only two such projects in the works.
Additional billion-rand developments planned for the area include the R1.5 billion Umgeni Deco & Lifestyle Park, as well as the Nedbank-backed “Park Square”.
Umhlanga has raised its profile as the ‘Sandton on Durban’, and is listed as one of the most affluent areas in South Africa, drawing high net worth individuals and billions in investment.