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

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