FNB (a division of FirstRand) has concluded an R800 million residential development funding deal with Beachwood Investments for the Beachwood Coastal Estate, a premium beachfront project in Durban North, KwaZulu-Natal. The announcement was made on 8 April 2026.
Key Details of the Development
- Location: Prime coastal site in Durban North along the beachfront (part of a larger planned R3.5–3.6 billion low-density estate on a 430,000+ sqm site).
- Property Offerings (prices in South African Rand):
- Freehold stands: R8 million to R21 million
- Apartments: R8 million to R16 million (sizes from 246 m² to over 400 m²)
- Duplexes and villas: R18 million to R25 million
- This is positioned as luxury, low-density living with coastal views and ecological elements.
The R800m funding from FNB is intended to fast-track the project. It represents the first Shari’ah-compliant residential development funding deal within the FirstRand group, highlighting innovative and inclusive financing options.
Broader Context and Impacts
- The overall Beachwood Coastal Estate aims to create around 1,500 direct jobs during construction and ongoing operations, plus approximately 800 temporary construction jobs in the near term.
- It includes ecological rehabilitation of the area and has received local authority approvals, with civil construction having started in early 2025 for Phase 1.
- FNB’s CEO of Commercial Property Finance, Preggie Pillay, noted the deal reflects confidence in Durban’s and KZN’s economic potential, as well as a commitment to sustainable community investment.
This development comes amid efforts to boost high-end property and economic activity along Durban’s north coast, where the luxury segment has shown interest from buyers even before full launch.
soon Durban will have no public beaches, the coast will be reserved solely for the rich with holiday homes as the game reserves are.