Sun. May 19th, 2019

#BuildingNewJozi: Herman Mashaba announce R20 billion investment to rejuvenate city

Herman Mashaba johannesburgHerman Mashaba announced what he refers to as the biggest property investment the city of Johannesburg has ever made through private sector development.

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Johannesburg Mayor Herman Mashaba released the details of 24 developments that will commence in the following six to eight months. Mashaba said in a statement:

“Through the release of city properties to the private sector for redevelopment, the city expects to realise R20 billion in expected investment value, which will soon be visible in the inner-city with 24 developments set to start within six months,”

He added that the new developments are in addition to the three developments already underway in Hillbrow and Newtown.

The developments are part of a prospectus of properties which were released to the private sector in 2017. The 71 properties that made up the prospectus, as part of the Johannesburg inner city revitalisation programme, were supplementary to the 13 properties that were initially released by the council.

The properties – which are situated in central Johannesburg, Yeoville, Berea, Vrededorp, Fairview, Salisbury, Marshalltown, Wolhuter, Turffontein, City and Suburban – will comprise of mixed-use developments.

“This is just the start of the change we are bringing to the city, with more even more buildings and developments set to take place in the future,” he said.

The focus of the developments will be to provide affordable student and residential housing in conjunction with affordable retail spaces to provide opportunities for small, medium and micro enterprises.

“Through the city’s inclusionary housing framework, which makes provision for new developments to include at least 30% affordable housing, residents … can now also live where they choose across Johannesburg with better access to jobs and opportunities,” Mashaba said.

Mashaba believes that the developments will create more than 10 000 job opportunities in the city centre.

Rent in the new developments is said to cost between R900 and R4 500 per month, excluding utilities. The project aims to create a total of 6 500 units.

In addition, Mashaba believes that the project will boost economic growth with at least 5% within the next two years. He said on Twitter earlier today:

“The ongoing success of our Inner City Rejuvinatin Programme continues to be a source of great pride for myself, officials of [the City of Joburg] and members of the multy-party [sic] government.”

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