R2.1bn investment drives Durban’s Cornubia development, with 2,000 jobs expected

A major R2.1 billion investment is underway in Cornubia, a suburb north of Durban, South Africa. The development, spearheaded by Fundamentum, is set to create around 2,000 jobs through its various phases. The first phase, scheduled to be completed by December, includes a R200 million Leroy Merlin retail project, while later stages will see the construction of the Emeris campus, potentially housing 8,000 students, as well as additional commercial properties.

During a visit to the site on Monday, eThekwini Mayor Cyril Xaba and Fundamentum CEO Carlos Correia were given an update on the progress of the first phase. Fundamentum already holds a significant investment portfolio in eThekwini, with assets totaling over R8 billion, including Westown Square in Shongweni, Bridge City Mall in KwaMashu, and Midway Crossing Mall in Newlands West.

The construction of the Cornubia development has already created about 300 construction jobs. Once the first phase is finished, an additional 100 permanent jobs are expected. The wider development is projected to generate nearly 2,000 jobs in total. Mayor Xaba highlighted the development as a testament to private-sector confidence in Durban and its positive impact on the city's economy.

He noted that approximately R500 million has already been committed to infrastructure in the precinct, including the Leroy Merlin development.

Mayor Xaba expressed excitement about the private-sector investments in Cornubia, emphasizing their significance beyond their financial value. He stressed that these investments bring construction activity, employment opportunities, new businesses, and ultimately, better opportunities for the people of eThekwini. He encouraged similar investment-led development across the city, recognizing its potential to drive economic growth and prosperity.