According to Tozi Mthethwa, general manager of marketing and communications for Trade and Investment KZN (TIKZN), the company behind the deal with Taiwan-based Tai Yuen Textiles, more than 2,600 jobs are expected to be created as the project, already well underway, gathers momentum.
One of the country's textile hubs in its heyday, Mooi River has, for the last few years, relied on its agricultural and tourism sectors to keep its economy turning. Now, with the building of a world-class textile plant and having been recently identified by the Provincial Department of Economic Development as one of KZN's major textile development hubs, its position as a destination rather than stopover seems increasingly assured.
Certainly, the TIKZN, which has identified it as an up and coming investment destination of choice, believes so. TIKZN is also excited by the potential of its property market to lure newcomers. In fact, one of the reasons for Tai Yuen Textile's decision to invest in the small town, which enjoys prime positioning on the popular Midlands Meander, is its competitive property pricing, says Mthethwa.
Residential, commercial and farming specialist Alan Venables, principal of Neal Robinson Estates (NRE), says he also sees good growth prospects ahead for the town. In part, his enthusiasm is the result of being given the sole mandate to sell a 20 erven development, which is awaiting final approval from the Department of Local Government and Traditional Affairs.
In general, continues Venables, local property prices which firmed during 2007 are now beginning to fall back in line with national trends brought about by the implementation of the National Credit Act (NCA). "This means that there are some interesting bargains on offer at the moment as the market becomes one in which buyers are the driving force."
Originally part of Mooi River's old rating system, Rosetta, which lies 14 km from the town and within the Mpofana Local Council area, is also on track for growth.
"The lead taken by Trade and Investment KZN is being followed locally as Mpofana has joined with Umngeni and Mnshezi in an approach for funding from the Industrial Development Corporation to promote development primarily along the "corridor" between Durban and the Hinterland. Much is expected of this initiative and it is hoped that it will contribute to revitalizing the area which has lagged behind other parts in its development," Venables said.
Even without this development, however, Rosetta has always been a popular residential destination. "One of the prettiest villages around, it offers good access to excellent schools such as Treverton and Weston," explains Venables.
"These institutions will also play a part in the revitalisation of the area, which is already manifesting in the expansion of a number of hospitality venues."
And this assertion is backed by Peter Greene of Meander Real Estate, who is marketing three-bedroom houses for R750k – well below Absa's national average house price of R960k.
Even the top end of the local market offers extreme value for money, says Greene, with a case in point being an executive, slate-roofed house.
Priced at R1,250m, the four-bedroom home is bounded by a stream at one end and set in an acre of immaculate garden. It also offers two en-suite bathrooms, garden cottage and triple garaging – features that would raise its price tag substantially in the bigger towns.
For more information contact Alan Venables on 033 267 7259.
Readers' Comments
Have a comment or question about this article? Email us now..
Get up-to-date property news
Would you like to receive free weekly news and information about property in South Africa? Click here to register and sign up for Property24's Week in Review.
Property News
Click here for more property news articles.
Need a blog?
Start your own blog with a free blog from 24.com.