Stakeholder manager for Economic Development, Kgopi Mabotja said mayor Herman Mashaba witnessed the start of construction of the Ellis Park Student Village (EPSV) Development.
Mabotja said the mayor was joined by MMC for Economic Development, Leah Knott and MMC for Development Planning, Reuben Masango, and executives of ADOWA Property Developers, the company responsible for the project. This is the first phase of a 2 000-bed student village, with a total project cost of R500 million. The first phase will be completed by December 2020 and the second phase by December 2021.
“This development fits well into the overall vision of the multi-billion rand Inner City Rejuvenation Programme, which seeks to roll out affordable student accommodation near places of learning and transport nodes, among others, and is a prime example of the kind of investment facilitated annually by the City,’ said Mabotja.
The village will be located nearby the University of Johannesburg’s Doornfontein campus and is expected to alleviate the demand for affordable and secure accommodation.
Delivering the keynote address Mashaba said, ‘‘I am a strong believer that this city can be rebuilt, brick by brick, precinct by precinct. We want this city to be a place where our people can work and play.’’
He added that the fact that companies such as Adowa Property Developers are spending money to develop the inner-city bore testament that the private sector believed in the vision to rebuild the city.
“When we took over office in 2016, investments where about R4.7 billion. This past financial year we attracted R17.3 billion. We are now aiming for R25 billion,” he said. “This a great project for future generations which is why this administration committed itself to reclaiming the city. A first in the history of Johannesburg, 135 buildings have already been awarded to the private sector with an estimated investment value of R32 billion.”
Knott said the department would continue creating a favourable environment for business to thrive.
“Our department facilitates trade and investments in the city,” she said. “We unblock red tape, clear hiccups and ensure that opportunities are open for all. We are in need of secure and affordable student accommodation and we thank Adowa properties for such an incredible initiative.”
Masango said careful planning in the city was starting to bear fruit. “We are working with Economic Development through the trade and investment desk which is able to unlock some of the challenges faced by developers. We are now seeing a lot of developers coming on board to say, ‘we want to invest in the inner-city’.”
Sisa Rafuza, CEO of Adowa said, “Purpose-built student housing creates an enabling environment for students to succeed and thrive. Studies done in international markets have shown that living in purpose-built student accommodation in a student’s first year increases the chances of them finishing college by around 12 per cent. Adowa is assisting South African youths, some of which are indigent, to reach their full potential with quality, secure and financially accessible NSFAS/DHET accredited student beds across the country. EPSV is our first step.”
Also speaking at the event was Lusanda Kali of the Public Investment Corporation (PIC). “The PIC is proud to be associated with the EPSV. This development is evidence of PIC’s commitment to investing in social infrastructure that improves the lives of South Africans and contributes to broader economic growth,” said Kali.
“The EPSV development will contribute to the revitalisation of the city of Johannesburg whilst providing secure accommodation to students enrolled at the University of Johannesburg. We are pleased with our partnership with the Adowa Property Developers team, who are committed to providing quality student accommodation in critical and previously uncovered nodes of higher education in the country. We are grateful to our clients – the Government Employees Pension Fund and the Unemployment Insurance Fund – for entrusting the PIC with a progressive mandate that seeks to achieve both financial and social returns.”
Related article:
https://northeasterntribune.co.za/241778/housing-project-to-generate-11-000-jobs/
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