<\/p>\n
JSE-listed FirstRand\u2019s FNB unit has committed R800 million in development funding to the R3.5 billion Beachwood Coastal Estate, a low-density residential project underway on prime coastal land at the old Beachwood Golf Course site in Durban North.<\/p>\n
FNB confirmed the financing deal on Wednesday, saying it would be Shari\u2019ah-compliant. Shari\u2019ah-compliant banking products prohibit interest (riba) and adhere to Islamic law through profit-sharing rather than interest-based models.<\/p>\n
Read\/listen:
Iconic Hilton Durban shuts after hotel group yanks agreement
Stronger SA office property market expected \u2013 FNB<\/p>\n
The 430\u202f333m2\u00a0 Beachwood Coastal Estate is being driven by Beachwood Investments, led by Durban property developer Gavin Strydom and other investment partners.<\/p>\n
It is recognised by the eThekwini Municipality as one of the major catalytic private-sector developments in the city.<\/p>\n
\u201cThis is the first Shari\u2019ah-compliant residential development funding deal to be concluded within the FirstRand group\u2026 demonstrating our continued innovation and appetite for lending,\u201d said Preggie Pillay, CEO of FNB Commercial Property Finance.<\/p>\n
Phase\u202f1 of Beachwood Coastal Estate, now under construction, includes 52 freehold plots and 37 apartments, duplex villas, and forest duplexes, with first transfers anticipated from the third quarter of 2026 and apartment completion by Q4\u202f2027.<\/p>\n
ADVERTISEMENT<\/p>\n
CONTINUE READING BELOW<\/p>\n
\u201cThe loan is intended to facilitate development and improvements within the estate, contributing to its growth and sustainability,\u201d said Strydom.<\/p>\n
\u201cMoreover, it will be utilised for various purposes including infrastructure upgrades, top structure development, and community initiatives within the Beachwood Coastal Estate. FNB\u2019s investment reflects the confidence in the estate\u2019s potential, economic activities in Durban and commitment to supporting projects in KwaZulu-Natal,\u201d added Strydom.<\/p>\n
Read\/listen:
KZN emerges as SA\u2019s next property powerhouse
Sell your city: eThekwini\u2019s real estate head Thapelo Mmusinyane [May 2024]
Somerset West apartment development signals demand with over R600m in sales<\/p>\n
Civil construction on the development commenced in February 2025, alongside investment in infrastructure upgrades, including widened roads, potable water reservoir improvements, and stormwater management systems.<\/p>\n
Public beach access will be retained with new ablution and parking facilities, according to the developers.<\/p>\n
The development is projected to create approximately 1\u202f500 direct jobs during construction and estate operations, while contributing an estimated R100 million annually in property rates to the eThekwini Municipality. Phase\u202f1 pricing ranges from R6.1\u202fmillion for plots to R25.15\u202fmillion for duplex villas.<\/p>\n
Pam Golding Properties (PGP) was appointed as exclusive marketers of the estate last year.<\/p>\n
Commenting on the development at the time, PGP group CEO Dr\u202fAndrew Golding said: \u201cSecure coastal estates have historically shown strong resale values, robust rental demand, and sustained capital growth\u2026 Beachwood Coastal Estate is expected to enhance surrounding property values, increase security, and contribute to long-term desirability in Durban North.\u201d<\/p>\n
ADVERTISEMENT:<\/p>\n
CONTINUE READING BELOW<\/p>\n
Amenities include a smaller 9-hole signature golf course as part of the new development, wellness centre, spa, gym, clubhouse, indoor pools, padel and pickleball courts, co-working spaces, jogging and cycling paths, and direct beach access.<\/p>\n
A five-star hotel was originally planned as part of the overall development, but Moneyweb understands that this component has been put on ice for now.<\/p>\n
Listen to Gavin Strydom speaking on The Property Pod about one of his other developments north of Durban, near King Shaka International Airport (or read the transcript):\u00a0<\/p>\n<\/p>\n
You can also listen to this\u00a0podcast on iono.fm\u00a0here.<\/p>\n
* Phenyo Selinda is a Moneyweb intern<\/p>\n
#FNB #funds #R800m #R3.5bn #Durban #North #coastal #estate<\/p>\n","protected":false},"excerpt":{"rendered":"
JSE-listed FirstRand\u2019s FNB unit has committed R800 million in development funding to the R3.5 billion…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[7754,7753,1431,1415,37,2520,7752,7751],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/3465"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3465"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/3465\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}