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Westown marked one year since the construction of The New City Of The West began, with an on-site event and the announcement of Absa Investment Bank and Balwin Properties’ involvement in making this R15 billion investment a reality.
The key message at the event held on 11 October 2023 at which stakeholders, local businesses, community, contractors, and City officials were hosted, was partnership and driving growth in KZN, which was underpinned by the announcement of Absa in this landmark project. “The speed at which the development team is moving is a testament to our unequivocal commitment to Westown,” said Carlos Correia CEO of Fundamentum Property Group and Westown developer. “With more than 80% of the retail space at Westown Square taken, led by some of the country’s biggest retail heavyweights, we are thrilled to announce a further and significant show of confidence in Westown, eThekwini and the KZN province, with the involvement of Absa and Balwin Properties”. Absa confirmed its role as the primary funder of the R1,4Bn Westown Square retail high street experience a catalytic investment that, together with the commitment by the eThekwini Municipality for road and infrastructure upgrades, not only propels Westown forward but will leverage a further R14Bn investment over the next decade. Speaking at the event, Charles Russon, Chief Executive of Corporate and Investment Banking noted with pride the banks’ involvement in Westown. “This new strategically located node being kick-started by the development of the Westown Square retail experience, will have a positive impact on KZN and the local community to ensure that all stakeholders will benefit, and we are proud to be a major catalyst in this,” he said. Triggering the residential component of Westown, Balwin Properties announced that it will develop Shongweni Park, a 1 260-apartment lifestyle estate that will comprise 20 phases to be built out over the next four years. “We’re very excited with this unique opportunity to further increase our footprint in the province,” said Steve Brookes, CEO of Balwin Properties. As this massive new investment comes out of the ground, interest from across a wide spectrum of markets is increasing, demonstrating the attraction of Westown’s versatile offering. With this interest comes the opportunity for growth, development and investment for both the public and private sectors, and a significant socio-economic investment for the region. The Westown show is well and truly on the road, said Westown director Sean Bergsma. “After years of careful planning and work to ensure we have the support of all three spheres of government, surrounding communities and local businesses, it is incredibly exciting to see this catalytic project that is re-energising our city and the province, coming to life,” he concluded.
