The City of Johannesburg (CoJ) has announced the re-establishment of its Property Release Programme to release property to the private sector for mixed-use development across the city’s regions in a phased approach.
The city will release 11 properties under the current third development phase of the programme, says CoJ Economic Development MMC Nkululeko Mbundu.
The programme, established in 2019 as part of the Department of Economic Development’s investment attraction initiatives, aims to leverage the city’s property portfolio to help unlock multibillion-rand investments from the private sector through mega-property development projects, he explains.
This new phase of the programme will include developments in Orlando West, Kew, Braamfontein, Suideroord, Diepkloof, Orlando Ekhaya and the inner city, with more properties to be released in line with the city’s plans for regional integrated development in the inner city and all its regions, he adds.
"More than 500 properties have been identified across the city for mixed-use [development], including student accommodation, affordable housing, retail and precinct development.
“These are properties that have been abandoned, are open land parcels and previously hijacked buildings. These properties, worth an investment value of more than R2-billion, will be managed and administered under the custodianship of the Joburg Property Company.”
Previous phases of development include the landmark Jewel City Development, which was an extension of the prominent Maboneng Precinct.
Since its launch, the programme has experienced administrative challenges including delays caused by the Covid-19 pandemic and a subsequent backlog in tender and administrative processes, Mbundu notes.
"The re-establishment of the programme has been widely welcomed by the business community, including the Johannesburg Business Forum. The relaunch affirms our commitment to working collaboratively with the private sector to unlock strategic public-private partnerships that are in the interest of the residents of Johannesburg," he says.
"The multi-party government has made a commitment to drive R30-billion worth of investments into the city within the year and, through the city’s Trade and Investment Department, attract and retain new business that will put more money in the city’s wallet, and improve service delivery and job creation opportunities," he adds.
Requests for proposals for the earmarked properties are available and currently active on the city’s public tender board, he says.