This was announced by Gabsie Mathenjwa Chairperson of Sinafhuthi Group, a partner of Hong Kong Stock Exchange listed Shanghai Zendai Group, which is the lead investor in this new city development project.
“The project which has been verified by the Competitions Commission and has full support of national government will be announced officially by the Provincial Government and Zendai Group at an investment briefing on 9 April at Modderfontein Restaurant, in Zalbonne Estate, Modderfontein.
“Its initial cost will be R 85 billion. One thousand six hundred hectares of land for the project has been purchased for 1.3 billion rand from AECI company in Midrand within the borders of Marlboro Drive, Allendale (Heartland), Greenstone Shopping Centre and Edenvalle,” Mathenjwa said.
“The development will take about 15 years to full completion and will generate 100 000 and 200 000 permanent and short term job respectively. Further employment will be created from the city’s economic value deriving from its commercial, trading, light industry businesses, residential and social amenities components – housing, education, sports, recreation, art and culture. Residents of Alexandra, Thembisa, Ivory Park and surrounding suburbs are positioned to be among the key beneficiaries,” she added.
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