Johannesburg mayor Herman Mashaba on Wednesday announced a R20 billion investment which he said was the single biggest property investment the city had ever made through private sector development.
“Through the release of city properties to the private sector for redevelopment, the city expects to realise R20 billion in expected investment value, which will soon be visible in the inner-city with 24 developments set to start within six months,” Mashaba said in a statement.
“This is in addition to the three developments already underway in Hillbrow and Newtown.”
He said the investment constituted the largest number of mixed-use private sector developments focusing on residential and student accommodation being facilitated by the city at once.
The developments were a result of the prospectus of 71 properties released to the private sector in 2017 as part of Johannesburg’s inner city revitalisation programme, Mashaba said, and were in addition to 13 properties the council released initially.
“This is just the start of the change we are bringing to the city, with more even more buildings and developments set to take place in the future,” he said.
The developments are predominantly mixed-use, with emphasis on affordable residential units, affordable student accommodation and affordable retail spaces for small, medium, and micro enterprises.
In total, this first group of developments is expected to yield 10,096 jobs opportunities within the city and approximately 6,500 housing units costing between R900 and R4,500 per month for each unit, excluding utilities.
The properties are in central Johannesburg, Yeoville, Berea, Vrededorp, Fairview, Salisbury, Marshalltown, Wolhuter, and Turffontein.
“Through the city’s inclusionary housing framework, which makes provision for new developments to include at least 30% affordable housing, residents… can now also live where they choose across Johannesburg with better access to jobs and opportunities,” Mashaba said.
– African News Agency