FNB CONCLUDES MULTI-MILLION-RAND HIGH-END RESIDENTIAL DEVELOPMENT LOAN DEAL IN DURBAN NORTH
FNB and Beachwood Investments (Pty) Ltd are proud to announce the conclusion of a residential development funding deal that is expected to make R800 million available for the Beachwood Coastal Estate in Durban North, beachfront.
The estate will consist of freehold stands ranging from R8 – R21 million, apartments from R8 – R16 million, duplexes and Villas from R18 – R25 million, with apartment sizes ranging from 246 to over 400 square metres. Vacant stands range from 800m² to 1200m². Civil and earthworks have commenced, with phase 1 expected to be completed and transferred by the 3rd quarter of 2026.
Preggie Pillay, CEO of FNB Commercial Property Finance, says, “We are proud to be part of this development, which demonstrates FNB’s ongoing commitment to investing in local communities and promoting sustainable development across South Africa.”
“This is the first Shari’ah-compliant residential development funding deal to be concluded within the FirstRand group, which demonstrates our continued innovation and appetite for lending to meet customer needs and further contribute to boosting economic activities,” adds Pillay.
The project forms part of a broader vision to bring further development in the area and is expected to enhance local property values, improve living conditions, and stimulate meaningful economic activity.
With a focus on long‑term sustainability, the development incorporates modern infrastructure, improved public spaces, and excellent access to essential amenities such as the airport, major shopping centres, and malls. The development is set to redefine modern living and further position the city as a premier investment destination.
The estate has a 9-hole, 18-tee golf course that connects the Beachwood Mangrove Nature Reserve and affords residents a living experience of luxury and tranquillity with high-end security. Amenities include wellness and health centres, and the estate boasts 8km of walkways and paths that traverse the estate, a restaurant, function spaces, co-working spaces, a garden centre, an indoor pool, a braai area, and beach access.
Gavin Strydom, a director of Beachwood Investments (Pty) Ltd, says, “The loan is intended to facilitate development and improvements within the estate, contributing to its growth and sustainability. Moreover, it will be utilised for various purposes, including infrastructure upgrades, top structure development, and community initiatives within the Beachwood Coastal Estate. FNB’s investment reflects the confidence in the estate’s potential, economic activities in Durban, and commitment to supporting projects in KwaZulu-Natal.”
“This development will see the degraded and underutilised golf course transformed into a rehabilitated space that will increase public safety, improve the environment, and generate much-needed jobs and economic stimulus. Beachwood Investments (Pty) Ltd will create approximately 800 temporary jobs during construction and 1,500 permanent jobs post-construction. Once all the construction phases are complete, this R3billion Beachwood Coastal Estate will contribute approximately R100million per annum towards increased Property Rates to the eThekwini Municipality,” adds Strydom.
Set on Durban North’s most magnificent stretch of coastline, Beachwood Coastal Estate is a once-in-a-lifetime opportunity to live with the ocean on one’s doorstep, while being carefully intertwined amongst the natural wonders of the area, with the preservation of all environmental assets in the precinct always a priority.
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