OVER R20 BILLION INVESTMENT AWAITS WITH RELEASE OF MORE PROPERTIES FOR DEVELOPMENT
On Monday, 1 April 2019, the City of Joburg, through the Joburg Property Company (JPC), released the prospectus of yet another 97 properties for mixed-use development.
The prospectus has been made available on the City of Joburg’s website https://we.tl/t-xNKPsZPrys) and that of the Joburg Property Company.
These properties are said to have a total investment value of between R20 billion and R25 billion and are planned for development across the City’s regions.
These properties, many of which are grouped into large portions of land, are being released across several regions, including Randburg, Rosebank, Orange Grove, Houghton, and Wynberg. The aim is to establish mixed-use developments, affordable housing and student accommodation.
These developments will be of particular importance as it will include the recently approved inclusionary housing policy, which requires developers to dedicate a percentage of new residential developments for affordable housing. The City of Joburg sees it as an important step as it seeks to address the spatial inequality associated with apartheid-era development planning.
Amongst these properties are various filling stations in Soweto and Denver, with expected investment value of approximately R100 million.
With the development of 70 properties located predominantly in Orange Grove, an estimated 1,200 jobs will be created during the construction phase with 1,000 residential units to be delivered there alone.
Rosebank, which is experiencing a development boom similar to Sandton, is earmarked for a R400 million investment which will create 2,000 jobs and yield a 12 storey mixed-use development with 250 residential units and a 600m² library.https://www.joburg.org.za/media_/Newsroom/Pages/2019%20Newsroom%20Articles/April%202019/Over-R20-billion-investment-awaits-with-release-of-more-properties-for-development.aspx