COJ receives a R2 billion investment
Affordable residential space to create inclusive and diverse neighbourhoods.
The City of Johannesburg (CoJ) has received a R2 billion investment into the inner City property project.
The investment, from Diversity Urban Property, will form part of a strategy to create thriving mixed-use inner-city precincts. This investment, the largest in the Johannesburg CBD for some years, will be focused on the redevelopment of the iconic Absa Towers main building and Jewel City.
According to the CoJ Executive Mayor, Herman Mashaba, the newly launched Diversity Urban Property is an investment fund backed by the experience of some of South Africa’s leading property investors and developers. It is set to renew and re-energise the country’s urban centres with its unique focus on inner-city precinct development, which combines commercial buildings with affordable residential space to create inclusive and diverse neighbourhoods. Its strong business case is also transformative in a uniquely South African sense.
For the CoJ, the investment is an indication of investors’ renewed confidence in the potential within the inner city.
He also stated that, “Since coming into government, the new administration has maintained that revitalising the inner city by turning it into a construction site of redevelopment, is a key component in creating jobs within the local economy, and in creating affordable quality housing for residents through strategic public-private partnerships.
“By working together with all sectors of society, we can progressively transform the inner city into a space where residents can live work and play,” he added.
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