SA Finance - Bridge City gets a boost from Budget Speech 2018
Durban, 22 February 2018: In his Budget Speech 2018, Finance Minister Malusi Gigaba used Bridge City as an example of a successful public-private partnership which is leading to social and economic transformation.
Aerial shot of the Bridge City precinct, north of Durban
Gigaba noted: “On a visit to the Bridge City hub in eThekwini, I saw first-hand the transformative potential of coordinated public investment in reviving township economies through public and economic infrastructure investments and catalysing private sector investments.”
“We partner with varying levels of government to realise transformation and growth,” says Tongaat Hulett Development MD, Mike Deighton, who is responsible for the company’s land conversion and development. “We have a unique portfolio with a well-established development platform, ensuring that property is developed in such a way as to present the best economic opportunities for South Africa and for the KwaZulu-Natal community.”
Bridge City north of Durban, a joint venture between eThekwini Municipality and Tongaat Hulett is a mixed-use urban precinct linking adjacent areas to each other and the wider metropolitan region. Founded on the existing rail service (with a rail station located under the Bridge City shopping centre) and the Bus Rapid Transport (BRT) routes currently being built between Bridge City and surrounding centres, the development has attracted increasing interest as a decentralised residential and commercial town centre hub with an adjoining industrial business estate.
Encouraging the private sector, Gigaba said: “Let all urban development stakeholders work imaginatively to transform township economies.”
“We have invested in this development together with the city because we have a deep understanding of the challenging socio-economic profile of our region. We are actively seeking development partners and investors who share this vision and are able to deliver products that meet the goal of a truly integrated mixed use development that represents the vision of a new urban future for South Africa,” says Deighton.
Issued by: Tongaat Hulett
KEY CONTACTS
Shirley Williams Communications:
Telephone: 031 564 7700 or 083 303 1663
Tongaat Hulett Developments:
Telephone: 031 560 1900
About Tongaat Hulett
Tongaat Hulett is an agriculture and agri-processing business, focusing on the complementary feedstocks of sugarcane and maize. Its on-going activities in agriculture have resulted in the company having a substantial land portfolio within the primary growth corridors of KwaZulu-Natal with strong policy support for conversion at the appropriate time. Tongaat Hulett strives to be a proactive and resilient organisation working in collaboration with all its stakeholders through different business and agricultural cycles in a constructive, mutual value-adding and developmental manner. It has operations in six countries in SADC, significant sugarcane and maize processing facilities, a unique land conversion platform, a sizeable animal feeds thrust and possibilities to grow ethanol and electricity generation.
