R20bn Joburg inner city mass-development starts in 6 months
CAPE TOWN – The Joburg Property Company (JPC) on Monday a group of developer and investors, who would realise 24 developments in coming months, to the Joburg inner city.
The R20 billion expected investment value to come from these developments has significantly invigorated the Inner City Rejuvenation Programme, which started in October 2017 with the release of city-owned properties to the private sector.
This is 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.
The city’s executive mayor Herman Mashaba said in a statement that these developments would include mixed-use affordable housing, student accommodation and affordable space for small, medium and micro-sized 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.
He said In total, this first group of developments was also expected to yield 10 096 jobs opportunities within the city and up about 6 500 housing units costing between R900 and R4 500 per month per unit, excluding utilities.
“Though plans are still in the approval phase, it is expected that of 1 500 of these will comprise of student beds.
“The properties are in Johannesburg Central, Yeoville, Berea, Vrededorp, Fairview, Salisbury, Marshalltown, Wolhuter, Turffontein and City and Suburban. With these developments set to commence soon, 27 developments will be under construction at the same time in the inner city,” he said.
The successful bidders are: Briekfields Housing Company, Milzet Consulting, Nthwese Developments, Pace Group, Instratin Property Developers, Investors and Asset Managers, Phahamo Oliven, Izicwe Consulting Services, JM Corporate Real Estate Solutions and Ryden JV, EGC Properties, and Bayete Capital.
Through this significant investment by the private sector, change is indeed coming to the inner city.
I am excited to see cranes across the inner city within six to eight months’ time when the inner city truly becomes a construction site.
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