South Africa: Mashaba Touts R20 Billion Investment for Joburg Inner City

Johannesburg Mayor Herman Mashaba on Wednesday announced what he called the "the single biggest property investment the city of Johannesburg has ever made through private sector development".

Mashaba said the city expects to realise R20bn in investment value and create affordable housing by releasing city-owned properties to the private sector to develop.

The initiative will consist of 24 different developments, said Mashaba, with construction is set to start within six months. He did not say who the developers were.

The properties are in Johannesburg Central, Yeoville, Berea, Vrededorp, Fairview, Salisbury, Marshalltown, Wolhuter, Turffontein and City and Suburban. The 24 developments would be in addition to the three developments already underway in Hillbrow and Newtown, bringing to 27 the total number of construction projects underway in the Johannesburg inner city at the same time.

"It is clear, therefore, that turning the inner city into a construction site is certainly no longer only a dream, but a thrilling reality," said Mashaba in a media statement that coincided with a press briefing in Braamfontein on Wednesday morning.

Mashaba said the the developments would be predominantly mixed-use, with an emphasis on affordable residential units, student accommodation and retail space for small businesses. Some will deliver solely residential or student accommodation.

In total, he expects the first group of developments could yield 10 096 job opportunities within the city and provide approximately 6 500 housing units costing between R900 per month to R4 500 per month (per unit excluding utilities).

Source: Fin24

See What Everyone is Watching

More From: News24Wire

Don't Miss

AllAfrica publishes around 600 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.