Mashaba’s brainchild project grasp R20-billion valued investment
JOHANNESBURG – Ten investors from the private sector will turn 24 developments in the Inner City into low-cost housing.
City of Johannesburg Mayor Herman Mashaba revealed a massive investment valued at R20 billion within the next six months for his brainchild, the Inner City Revitalisation Programme.
A total of 10 investors from the private sector will turn 24 developments in the Inner City into low-cost housing leading to an estimated investment value of R20 billion. The 24 developments are in addition to three properties currently under development in Hillbrow and Newtown.
“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,” said Mashaba.
This follows after a list of 71 properties were released to the private sector in 2017 for the project, adding to 13 properties that were initially released by the City. Another batch of 70 out of more than 500 properties was approved by council in February and expected to go out on tender on 26 April.
Currently, since the programme was launched in October 2017, a total of 154 properties have been released by the City for mixed-use development. The developments are expected to create more than 10 000 jobs during the construction phase.
“It is clear, therefore, that turning the Inner City into a construction site is certainly no longer only a dream, but a thrilling reality. Through the City’s Inclusionary Housing Framework, which makes provision for new developments to include at least 30 per cent affordable housing, residents of Johannesburg can now also live where they choose across Johannesburg with better access to jobs and opportunities,” added Mashaba.
Mashaba further said that should the current administration lose power over the City, people should fight for the retainment of the project. “I am excited. As a politician leading a multi-coalition party, one has to deliver with speed. Turning the Inner City into a construction is no longer a dream. Don’t allow the next person who will come after me to write off the project,” said Mashaba.
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