South Hills Integrated Mixed Income Housing Development launched
Over 5 000 housing units for South Hills.
SOUTH HILLS – Pouring rain didn’t deter the launch of mixed residential development by City of Johannesburg (CoJ) led by Johannesburg Executive Cllr Mayor, Parks Tau and MMC for Housing Cllr Dan Bovu in South Hills on Tuesday November 11.
The project is undertaken in partnership with Standard Bank and Calgro M3. They will build 5 327 housing units in South Hills precinct to reduce the housing backlog of the inner city and surrounding areas in line with the City’s Housing Policy of Breaking New Grounds.
The 199 hectare South Hills housing initiative, which will be developed will provide different typologies of housing such as fully subsidized unit, social housing, rental, GAP and affordable housing bands over the next five years.
“The City of Johannesburg has a long standing relationship with Standard Bank and the fact that we have been able to partner with them and Calgro M3 to develop the South Hills project, is a testament to the potential that the public private partnerships have to unlock value in the city’s property landscape.
“This project is about driving transformation and looking at closer integration across the different historic communities, ultimately for the benefit of the residents who reside in these parts of the city,” explained Cllr Tau.
The City issued a proposal call to the major banks in keeping with policy of encouraging the large financial institutions to play a role in housing developments of this nature and Standard Bank was awarded the project.
South Hills is estimated to have a value in excess of R1,95 billion and will take five to six years to complete. The CoJ will invest R750 million in the form of grants and subsidies into the project between now and 2020, the development’s scheduled completion date.
This project will see approximately half of the 199 hectare precinct, transformed into modern, residential district comprising 2 242 fully subsidized Breaking New Grounds (BNG) units; 1 560 social, Finance Linked Individual Subsidy Programme (FLISP) and GAP-housing units and 1 525 freehold affordable housing units.
Kenny Fihla, Global Head of Client Coverage at Standard Bank said, “This development is an excellent example of how banks can partner with municipalities and developers to provide more affordable housing opportunities in residential neighbourhoods closer to the inner city.
We believe this project will go a long way towards enhancing the CoJ’s ongoing efforts to change the face of the suburban living spaces to the south of the city centre.”
Derek Steyn, executive Director of Calgro M3 noted, “This development will not only provide modern and affordable housing stock for residents living south of the CBD but will also help reduce their transport costs to and from work.”
The South Hills project will provide housing for individuals or families earning from R0 to in excess of R15 000 per month, offering a housing solution according to need and financial capacity.
how much. We re you paid to destroy, our nature reserve, you should be ashamed of yourself, standard bank I hope you loose all your clients, this land was given to the people to be used as a nature reserve, go build in the north, I put a curse on you idiots