Mayor Herman Mashaba to release details of funds secured for inner city housing developments next week
The City of Johannesburg has secured R20bn for residential development from the private sector, mayor Herman Mashaba says.
“At the end of 2016, I said I wanted to turn Johannesburg into a building site. Then at the end of 2017 our Inner City Rejuvenation Project was launched and we gradually released tenders for 86 buildings. We have now managed to secure R20bn worth of proposals for projects involving these buildings. This is a watershed moment in making the inner city thrive again,” he said.
The developments are in areas such as Johannesburg Central, Yeoville, Berea, Vrededorp, Fairview, Salisbury, Marshalltown, Wolhuter and Turffontein. But Smith said some of the developers may create joint ventures for select opportunities in the inner city with teams that had the necessary expertise. Investors would wait for Mashaba’s announcement next week to see which private developers were interested and why.
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