Devmco takes over project

Durban developer tackles next phase of Durban commercial space.

- Suren Naidoo

Urban-based property developer Devmco Group has officially become the "master developer," leading the multibillion-rand Sibaya Coastal Precinct in KwaZulu-Natal, taking over from embattled Tongaat Hulett.

Devmco, led by Charles Thompson, on Tuesday, announced an ambitious next phase for the node that will see around R5 billion pumped into new developments, largely in the commercial space.

Sibaya, a mixed-use scheme originally "master-planned" and launched in 2015 by Tongaat on prime land under sugarcane between booming Umhlanga and eMdloti, north of Durban, has attracted around R8 billion in property and infrastructure investment since then.

Devmco has been by far the biggest single investor, with several largely residential buildings and estates being constructed, totalling around R6 billion.