Yesterday the City of Johannesburg, through the Joburg Property Company (JPC), released the prospectus of yet another 97 properties for mixed-use development.
These properties 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.
Although the revitalisation of the Inner City is crucial to economic growth in Johannesburg, the development of areas around the City is equally important.
The development we are aiming for in the Inner City must be transferred to other parts of our City.
Areas such as Roodepoort and Randburg, which have declined as a direct consequence of neglect and a flight of capital, must be brought back to life through massive investment in infrastructure and properties for business opportunities.
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. This is an important step as the City 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. I encourage local entrepreneurs to take full advantage of this opportunity to own and manage these businesses.
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 here alone.
Rosebank, which is experiencing a development boom similar to Sandton, is earmarked for a R400 million investment which will create 2000 jobs and yield a 12 storey mixed-use development with 250 residential units and a 600m² library.
Through these and other developments, we are slowly, but surely, fulfilling our promise of turning Johannesburg into a construction site that will create thousands of much-needed jobs.
A City of Johannesburg Press Statement by
the Executive Mayor, Cllr Herman Mashaba