Construction group Basil Read and the Housing Impact Fund of South Africa (HIFSA) have signed the final approvals for South Africa’s largest privately initiated integrated, mixed-use housing development, Savanna City.
Construction on the R24.5-billion development, to be located 35 km south of Johannesburg’s business district, was expected to start before the end of this year, and would stretch over a ten-year period, Basil Read development director Davina Piek told Engineering News Online.
The 1 462 ha development would include 18 486 housing units, with a minimum of 60% of the units being in a category that meant government’s ‘Breaking New Ground’ strategy was advanced. This strategy focuses on achieving sustainable human settlements, and addressing the so-called Gap market.
Savanna City would further include 16 schools, 8 churches, 9 business and retail facilities, 111 public parks and a 400 ha environmental area.
Basil Read stated that it and HIFSA would be working hand in hand with the Gauteng Department of Human Settlements and the Midvaal local municipality to ensure the Savanna City development set a new benchmark in economic development and housing.
The R9-billion HIFSA was created by Old Mutual in conjunction with the Development Bank of Southern Africa and the Government Employees Pension Fund.