A R50-billion city is set to rise in the Sibaya Coastal precinct on the KwaZulu-Natal north coast. The project‚ which was launched on Friday‚ will boast a mixed-used development that will feature about 9‚000 residential dwellings and 500‚000 square metres of commercial property that includes schools‚ universities‚ retirement developments‚ corporate‚ retail and hospitality. It is estimated to inject R50-billion into the economy.Peter Staude‚ CEO of Tongaat Hulett‚ said: “Sibaya Coastal Precinct is amongst the most highly sought-after‚ developable land in South Africa‚ and is set to boost the potential of KZN’s primary growth corridor.“As one of the fastest growing regions in the country‚ the precinct will act as the catalyst in unlocking the potential of significant regional development‚ infrastructure‚ job creation and will provide a solid anchor to the emerging Durban aerotropolis.”He said the precinct will on completion‚ represent a destination that will not only see property values in strong competition with the Cape‚ but will translate into a world-class experience accessible to all.“We have envisioned a place where people can seamlessly integrate their personal and professional lives into an environment of unmatched beauty‚” said Staude.MEC for Economic Development‚ Tourism and Environmental Affairs‚ Sihle Zikalala‚ described the new Sibaya Coastal Precinct Development as a positive boon that was set to alter the province’s economic fortunes for the better.TMG Digital/Durban Newsroom..