Mashaba was accompanied by the MMC for Economic Development, Leah Knott, the MMC for Development Planning, Reuben Masango, and City Manager Dr Ndivhoniswani Lukhwareni, as the Joburg Property Company (JPC) welcomed the developers and investors who will realise 24 developments in the Joburg inner city in the coming months.
“The R20bn expected investment value to come from these developments have significantly invigorated the inner city rejuvenation programme, which started in October 2017 with the release of city-owned properties to the private sector,” said Mashaba. “This is indeed the biggest number of properties awarded simultaneously in the city’s history. This is also the largest number of mixed-use private sector developments focusing on residential and student accommodation being facilitated by the city at once.”
Mashaba said the developments would include mixed-use affordable housing, student accommodation and affordable space for small, medium and micro enterprises.
“Today’s celebratory handover of the 24 developments, which consist of 81 properties, is a clear indication that the private sector is regaining confidence in the inner city. In fact, the JPC has never seen interest on such a scale before.
“It is one of this multi-party government's most important goals to create a business-friendly environment in which economic growth can be sustained. I want business people to return to the inner city and help to create a safe space where people can work, live, and play,” said Mashaba.
Mashaba said the first group of developments were expected to yield 10096 job opportunities within the city and about 6500 housing units with rentals of between R900 and R4500 a month, excluding utilities.
Though plans were still in the approval phase, it was expected that 1500 of these would comprise student beds.
The properties are in Johannesburg Central, Yeoville, Berea, Vrededorp, Fairview, Salisbury, Marshalltown, Wolhuter, Turffontein and City and Suburban. With work on these developments set to start soon, 27 developments will be under construction at the same time in the inner city.
African News Agency (ANA)