National property development group Pinnacle Point Holdings will develop around 4000 free-standing housing units and a 1000-strong retirement village complex on the 500ha site as it widens its focus to the dynamic KwaZulu-Natal market.
The group has already masterminded developments in the Western Cape, Free State and Eastern Cape.
The move also recognised the significant economic growth in Pietermaritzburg following its official status as the seat of provincial government and paved the way for the establishment of a new suburb that includes schools, shopping centres and green belts.
Pinnacle Point Holdings CEO Ashley Stone said the more than R2bn project will offer fully-serviced freehold housing stands to the market priced between R250 000 and R650 000. These will also be made available on an affordable plot and plan basis. A future phase at the development will include an affordable sectional title scheme. In-house developer Pinnacle Point Development Company has a range of architectural guidelines for buyers, but the new suburb will not be specifically themed.
"There will be broad brush-strokes rather than strict architectural plans," he said.
Another 1000 semi-detached houses aimed at "the young at heart" will offer retired people a lock-up and go lifestyle. Ranging between 90 sq mt and 150 sq mt, the units will be in the R750 000 to R1 500 000 price bracket.
The rezoning process and environmental impact assessment studies were underway and Stone aimed to be on-site by September for a 15-month construction. The initial phases of the development will then be released to the market within three months.
Pinnacle Point Holdings chairman Ivor Stratford said having developments underway in naturally beautiful locations was "exciting and challenging".
He believed the development will alleviate the growing demand for affordable housing, while the retirement village was geared to people in their 50s and 60s who enjoyed active lifestyles, but wished to relocate to a secure urban environment close to shops and other amenities.
Msunduzi Municipality Strategic Executive Manager, Rob Haswell said apart from meeting the need for middle-income housing, both the scale of the proposed development and Pinnacle Point Holdings's track record were further proof that the capital city was "fast becoming a metropolitan centre".
He credited the investment with being "by far the largest residential development in the history of Pietermaritzburg".
The company has developed Pinnacle Point Beach and Golf Resort in Mossel Bay, Clarens Golf and Trout Estate in Clarens, Wesselheim Lifestyle Estate in Bethlehem, Wedgewood Country Estate in Port Elizabeth and Romansbaai Beach and Fynbos Estate near Gansbaai.
