R800 Million Funding Deal Advances Beachwood Coastal Estate in Durban North
R800 Million Funding Deal Advances Beachwood Coastal Estate in Durban North. First National Bank (FNB) has concluded an R800 million funding agreement with Beachwood Investments to support the development of the Beachwood Coastal Estate in Durban North, marking a significant step forward for the large-scale residential project.
The Beachwood Coastal Estate is a planned R3 billion development located along a beachfront site in Durban. The project will include a mix of freehold stands, apartments, duplexes and villas, with property prices ranging between R8 million and R25 million. Civil works and earthmoving activities are already underway, with the first phase expected to be completed and transferred from the third quarter of 2026.
According to FNB Commercial Property Finance Chief Executive Officer Preggie Pillay, the agreement reflects the bank’s ongoing involvement in property development and financing within South Africa. The deal also represents the first Shari’ah compliant residential development funding concluded within the FirstRand group.
The development includes several planned features such as a 9-hole, 18-tee golf course integrated with the Beachwood Mangrove Nature Reserve. Additional amenities are set to include wellness facilities, co-working spaces, a restaurant, indoor recreational areas, and approximately 8 kilometres of walkways. The estate will also offer direct beach access and various communal spaces.
Beachwood Investments Director Gavin Strydom stated that the funding will be used for infrastructure development, top structure construction, and broader improvements within the estate. The project is also expected to contribute to economic activity in the region.
Construction of the estate is anticipated to create around 800 temporary jobs, with a further 1,500 permanent positions projected once development is complete. In addition, the fully developed estate is expected to contribute approximately R100 million annually in property rates to the eThekwini Municipality.
