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City of Joburg Launches 71 Inner City Properties

13 August 2018, The Council Chambers, City of Johannesburg

“The City of Joburg is open for business”, declared Executive Mayor, Herman Mashaba on 13th August, 2018, at a launch event held at the Council Chambers. Gathered together were property developers, investors and bankers for the highly anticipated launch of the 71 Inner City properties project.

The Joburg Property Company is the City’s entity behind the 71 Inner City properties. JPC CEO, Helen Botes, who was the programme director at the launch eventopened the programme, elaborating on the history of the Inner City. Botes noted that turn-around would not be immediate, however in working together, government can achieve the goals set out for the city to prosper. She spoke to three key operation issues, the next technical briefing sessions, the planned tours for developers to visit the sites and the prospectus that is available on the JPC website with detailed information.

Executive Mayor Herman Mashaba reiterated the goal from the ten-point plan of achieving 5% economic growth by 2021, stating that in order to do so the City of Johannesburg needs, “to ensure the Inner City boasts an inviting environment for small business to flourish.” He went on to say that this cannot be done in isolation, but through public and private partnerships.

As such the City council has given the go ahead to release 71 properties to the private sector to convert into low cost housing and student accommodation. The investment is intended to be within the region of R16bn to R20bn. Investors and property developers will be assisted in decision making, with tours of all properties being set-up by the JPC.

This is just the beginning of what intends to to be a long term plan for the Inner City.. Executive Mayor, Herman Mashaba made note that they, “hope to release 50 – 100 buildings annually, for housing and development opportunities, turning the Inner City into a construction zone.”

Whilst this was merely the launch and not a briefing session, investors and property developers were notified, that preference would be given to companies who presented with the best BEE credentials, as well as those who intended to make a sizeable investment, while charging low rentals on completion. Successful bidders would also be implored to create as many jobs as possible both during, and after, construction.

MMC Economic Development, Councillor Leah Knott, provided an overview to all present, on briefing sessions to take place monthly between September and October 2018 – these will be available and communicated by the JPC, with a bid closing date on the 30th of November. Councillor Knott commented on the huge opportunity this initiative provides, noting, “once we establish business and residence in the Inner City, the foot traffic will create huge business opportunities.”

In closing remarks, Executive Mayor, Herman Mashaba inspired the audience with his vision for the Inner City, a place filled with golden opportunity, saying, “I see a place of restaurants bars theatres and bright lights, attracting people from all over the world to come and visit.

Where streets and pavements are clean, infrastructure works reliably, and public structures are well maintained.”

For more information, please contact Bliss Yeni on 010 219 9022