MEDIA STATEMENT
FOR IMMEDIATE RELEASE
22 OCTOBER 2026
BCMM REACH LEGAL CLOSE ON TWO MAJOR BEACHFRONT INVESTMENTS, EASTERN CAPE-EAST LONDON
The Buffalo City Metropolitan Municipality (BCMM), in partnership with the Buffalo City Metropolitan Development Agency (BCMDA) , has achieved a major milestone in the revitalisation of the East London beachfront with the signing of notarial lease agreements for the Seaview Terrace and Marina Glen A developments.
The signing of the agreements marks legal close on both projects, providing the certainty required for investors to advance towards financial close and implementation.
Together, the developments represent an estimated investment of around a billion and are expected to create a necessary boost in the local economy and value-chain included increasing jobs during construction and operation, delivering significant economic benefits for Buffalo City and the Eastern Cape.
The milestone reflects the municipality’s and BCMDA’s commitment to unlocking investment, stimulating economic growth, and transforming strategic public assets into catalysts for development and job creation.
The Seaview Terrace notarial leases unlock the proposed hotel development, while Marina Glen A is envisaged as a mixed-use development. Together, these catalytic developments form part of the broader vision to transform the East London beachfront into a vibrant coastal destination that attracts investment, strengthens the tourism economy and enhances the city’s overall competitiveness.
Earlier this year, BCMDA, under the guidance of its Board, initiated a focused investment acceleration programme, including Investor Roundtable engagements aimed at resolving constraints and advancing priority projects. These efforts contributed to creating momentum and strengthening investor confidence in Buffalo City as an investment destination.
The signing of the notarial lease agreements is a significant step forward in translating investment commitments into tangible development outcomes. As the projects advance towards implementation, they are expected to contribute to economic activity, business opportunities, employment creation, and the long-term revitalisation of the beachfront precinct.
This achievement underscores the shared commitment of BCMM and BCMDA to partnering with the private sector to drive sustainable development, unlock economic opportunities, and create lasting value for the residents of Buffalo City.
ENDS
Issued by:
BCMDA ACEO – Mr Sabelo Mavundla Sabelo@bcmda.org.za
For enquiries: Contact Buffalo City Metro Development Agency Communications
Nomkhitha Zokufa – 083 609 7320 Nomkhitha@bcmda.org.za