Opening the new Newtown Junction Mall, Gauteng Economic Development MEC, Lebogang Maile welcomed the part that big businesses were playing in encouraging investment in economic and social infrastructure.
Maile who cut the ribbon said he was happy with the continued redevelopment of the inner city, including Newtown. The mall is the first completed phase of a R1.3 billion property investment in the CBD financed by Nedbank.
He said, “We are happy because it’s a very good project which should be part of the city’s regeneration project. We hope that in the long run it will stimulate economy in the region. It also shows the corporates’ confidence in the inner city.”
Maile added that he hoped that the project would also provide employment to local residents. “We also hope that there will be local business people who will own shops here and that shop operators will contribute towards development in this community,” he said.
Charl de Kock, Nedbank’s head of property services stated that the bank’s decision to invest in the Newtown development stemmed from its firm belief that Johannesburg’s inner city continued to play a vital role in the greater South African economy.
“While this forms part of our ongoing support for the local government’s investment in City Improvement Districts, we are positive that the investment here will also fulfil our mandate of making sustainable, social and economic benefits for the country and its people a reality,” he said. The mall is also in close proximity to Newtown’s existing art and cultural spaces such as the well-known Museum Africa and Mary Fitzgerald Square.
The development incorporates green designs with the use of sustainable material and building practices, forming the solid foundation for the bank’s vision of contributing to a sustainable-built environment that promotes environmental preservation and the development of South Africa’s emerging green economy.
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