Mashaba’s dream launch – four properties ready for redevelopment
JOHANNESBURG – Mashaba's brainchild has secured 154 buildings already out on tender.
Four of the 84 properties earmarked for the Inner City Revitalisation Project are ready for construction following a sod-turning ceremony held recently.
The properties located in Doornfontein, Marshalltown, Vrededorp and Yeoville form part of the property investment at a value of R22 billion for redevelopment into affordable low-cost housing for the residents of the City. The ceremony was attended by mayor Herman Mashaba, MMC for Economic Development Leah Knott, MMC for Development Planning Reuben Masango, MMC for Environment and Infrastructure Services Nico de Jager and managing director for Johannesburg Property Company (JPC) Helen Botes.
The City has appointed JM Corporate Real Estate Solutions and Ryden JV, Nthwese Developments, Izicwe Consulting Services and Bayete Capital (Pty) Ltd for the construction of the properties. The Doornfontein development, valued at about R147 million, will see 370 affordable units built and will be completed in two years. It is expected to create 2 864 jobs.
Samancor House in Marshalltown, reserved for mixed-use purposes, is expected to develop into 128 housing units and also offices. The investment of the development will be valued over R76 million and 167 people would be trained in the process.
The Vrededorp development, valued at R17 million, will build student accommodation and provide training to 55 people. It is expected to be completed within a year. In Yeoville, 265 student accommodation units will be built at an estimated value of around R86 million. Adjacent to it, there will be another property development at a value of about R45 million.
The inner-city project, which is also Mashaba’s brainchild, has secured 154 buildings already out on tender. A total of 84 of the secured buildings have been awarded to successful contractors. “What is particularly exciting for me as the Executive Mayor of Johannesburg is the realisation of a dream I had at the beginning of my tenure just under three years ago – the dream of turning the inner-city into a construction site. We have another 70 set to be awarded by the end of September. It will create over 12 000 jobs during construction, but importantly housing solutions to address our housing backlog,” said Mashaba.
The project is expected to produce about 6 500 units of affordable quality housing with rentals beginning from R900 per month. Mashaba said the success of this project would assist in addressing a housing backlog of 300 000 in the City. He praised the JPC for the work invested to date, to make the project a reality. He further thanked the developers for rising to the challenge of providing quality affordable accommodation
Which other areas do you think the City should consider for the redevelopment of the property into low-cost housing?
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