JOBURG ATTRACTS ADDITIONAL R10 BILLION PROPERTY INVESTMENT

On Thursday, 3 October 2019, the Executive Mayor, Councillor Herman Mashaba officially announced the winning bidders to develop 55 properties along the Orange Grove and Houghton Estate transport node, as part of the expansion of this administration’s Inner-City Rejuvenation Programme.

Mayor Mashaba was joined by the MMC for Economic Development, Cllr Leah Knott; MMC for Development Planning, Cllr Reuben Masango; CEO of the Joburg Property Company, Ms Helen Botes; as well as the City’s Chief Operations Officer, Mr Floyd Brink.

Mayor Mashaba said at the ceremony: “The developments awarded here will cater to the clear need for student and affordable residential accommodation. This latest investment drive forms part of the multi-party government’s promise of rejuvenating the inner-city, and we are now expanding the project to other parts of the City of Johannesburg.

“This will help drive the much-needed redevelopment of suburbs as well as development and travel nodes beyond the inner-city. This investment will also help to drive up economic growth to our goal of 5% per annum.”

While the total number of units to be created as well as jobs that will be yielded from this project is yet to be finalised, the Mayor said he was pleased that this project holds an investment value of R10 billion.

This adds to the R22 billion investment value from the 84 properties that were released to private developers in April. These developments are expected to generate 11,000 direct construction sector jobs.

The developments in Orange Grove and Houghton Estate are close to the Bus Rapid Transport (BRT) System and will help ensure that students have affordable accommodation in safe, conducive environments and that public transport is easily accessible.https://www.joburg.org.za/media_/Pages/Media/Mayoral%20Newsletter/Mashaba%20On%20Point%20October%202019/Joburg-Attracts-Additional-R10-billion-Property-Investment.aspx