Construction work to convert the entity's Tippet building in Braamfontein into residential units is scheduled to begin in October.
The Passenger Rail Agency of South Africa has set its sights on beefing up its property portfolio with various development co-investments to boost the struggling entity’s book.
“As we rebuild passenger rail services and bring people back to rail, unlocking value in our property portfolio is an important part of our strategy to secure long-term financial sustainability and support our primary mandate of providing a safe, reliable, affordable commuter rail service,” Prasa group CEO Hishaam Emeran said.The projects at various stages of completion are scheduled to be available for use before the end of the current year, with one commencing construction in October.
The Goodwood development will also see the construction of a 5 000m2 retail facility on the Goodwood stations deck. Prasa has said the project’s second phase is expected to be completed in 2024.Government innovation needed to address housing crisis “This mixed-use property development of the Cape Town station is one of the examples in which we are repositioning our stations as places where people can live, work and play whilst creating transit hubs to enhance the passenger and customer experience,” Intersite CEO and acting Prasa CRES CEO Annette Lindeque said.
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