Low earners, students to benefit from 24 Joburg building developments
Johannesburg mayor Herman Mashaba says city-owned properties are being released to the private sector for redevelopment in order to facilitate affordable accommodation.
"The city expects to realise R20bn in expected investment value, which will soon be visible in the inner-city with 24 developments set to start within six months," Mashaba announced on Wednesday.
This is in addition to three developments already under way in Hillbrow and Newtown.
The mixed-use private sector developments will focus on residential and student accommodation.
According to the mayor's statement, 154 properties will have been released to the private sector for mixed-use development since the the city's inner city revitalisation programme was launched in October 2017.
Monthly rentals for about 6,500 housing units are expected to range from R900-R4,500, excluding utility costs.
Though plans are still in the approval phase, it is expected that 1,500 of these will be for students.
The properties are in Johannesburg Central, Yeoville, Berea, Vrededorp, Fairview, Salisbury, Marshalltown, Wolhuter, Turffontein and City and Suburban.
Mashaba said: "With these developments set to commence soon, 27 developments will be under construction at the same time in the inner city."