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About 55 more properties with a total investment value of R10-Billion rands will be developed along the Louis Botha transport corridor, as part of the expansion of the Inner City Rejuvenation project.
These developments are designed to reduce the backlog of affordable residential units and student accommodation in Orange Grove and Houghton.
The Executive Mayor, Herman Mashaba announced the six property developers who won the bids to redevelop these properties at a handover ceremony on Thursday, 3 September 2019.
This brings the total investment value in property the City has attracted in 2019 alone to more than R30-billion rands.
Mashaba said investment attraction shows that the private sector is regaining confidence not only in the Inner City, but also in other areas that were previously ignored.
“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 percent per annum,” he added.
At the handover ceremony attended by MMC for Economic Development, Cllr Leah Knott; MMC for Development Planning Reuben Masango, CEO of the Joburg Property Company (JPC), Helen Botes, and the Chief Operations Officer (COO) Floyd Brink, Mashaba explained that the City is yet to finalise the total number of units that would be built and jobs that will be created through this latest project.
Successful bidders for the Orange Grove and Houghton node are Pace Property Group, Morei Matji and Associates, Planet Earth Properties, Indigo Kulani Group, Peu Ya Africa Consulting Engineering and Projects, and Stephen Nale Properties.
Written by Takalani Sioga
