On the 01 April, the Executive Mayor Herman Mashaba together with MMC for Economic Development, councillor Leah Knott announced a new batch of properties to be launched by Joburg Property Company (JPC) to the private sector for development across the city.
The land set for investment is expected to raise between R20 billion and R25 billion over the entire development stage.
About 500 properties have been identified for re-development, these are either hijacked or abandoned. The areas include Orange Grove, Wynberg, Randburg, Houghton, Rosebank and Joburg central. Of the properties identified, 500 had been abandoned or hijacked.
The purpose of the investment is to develop mixed-use affordable housing and student accommodation.