Joburg focuses on new mega real estate development projects

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The City of Johannesburg has announced the resumption of its Property Release program.

The program was launched in 2019 as part of the Department of Economic Development’s investment attractiveness initiatives, which aim to leverage the city’s real estate portfolio to help unlock multi-billion dollar private sector investment through mega real estate development projects.

The properties will be released to the private sector for mixed development in the regions of the city in a phased approach, with this prospectus of 11 properties being the third development phase of the project.

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Earlier stages of development included the historic Jewel City Development, which was an extension of the prominent Maboneng Precinct. Jabulani Manor, Alexandra Mall, Melville 27 Boxes and the Johannesburg Council Chambers are also projects developed by Joburg Property Company.

This phase includes developments in Orlando West, Kew, Braamfontein, Suideroord, Diepkloof, Orlando Ekhaya and the downtown area, with more housing being released in line with the city’s plans for regional integrated development in the downtown area and all its regions.

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More than 500 mixed-use housing units have been identified across the city, including student housing, affordable housing, retail and neighborhood development, the CoJ said. “These are abandoned properties, open lots and previously hijacked buildings.

“These properties, with an investment value of more than R2 billion, will be managed and managed under the custody of the Joburg Property Company (JPC). Since its launch, the program has faced administrative challenges, including delays caused by the Covid-19 pandemic and a subsequent backlog in procurement and administrative processes.”

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The relaunch of the program has been widely welcomed by industry, including the Johannesburg Business Forum. The relaunch reaffirms our commitment to working with the private sector to unlock strategic public-private partnerships that are in the best interest of the people of Johannesburg.

The multi-party government said it has made a commitment to generate R30 billion in investment in the city within the year.


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