From Creamer Media in Johannesburg, this is the Real Economy Report.
Sashnee Moodley:
Divercity Urban Property Fund is investing R2-billion in two redevelopment projects – the Absa Towers Main building and Jewel City – in Johannesburg, as part of its strategy to create thriving mixed-use inner city precincts. Tasneem Bulbulia tells us more.
Tasneem Bulbulia:
This investment is the largest in the Johannesburg central business district for a number of years, and was announced by Divercity and its investors with Johannesburg mayor Herman Mashaba in attendance. Talis Property Fund chairperson Tebogo Mogashoa tells us more.
Talis Property Fund chairperson Tebogo Mogashoa:
Tasneem Bulbulia:
Work on the Jewel City project is set to begin in November. It will reopen to the public as a mixed-use precinct with a fully pedestrianised streetscape and a total development value of over R1.2-billion once fully completed.
The Absa project will begin in early 2019, with Absa expected to reoccupy the towers in early 2020. Once completed, the development will be valued at over R400-million.
Mogashoa reassures that for both these projects, Divercity’s developments will not have a negative impact on surrounding local communities, through the company pursuing conscious development strategies.
Talis Property Fund chairperson Tebogo Mogashoa:
Tasneem Bulbulia:
Speaking at the announcement of these two projects, Johannesburg executive mayor Herman Mashaba expressed his admiration for these types of endeavours, and committed government support.
Johannesburg executive mayor Herman Mashaba:
Tasneem Bulbulia:
Talis Property Fund chairperson Tebogo Mogashoa expressed that Divercity had no plans of slowing down.
Talis Property Fund chairperson Tebogo Mogashoa:
Sashnee Moodley:
That’s Creamer Media’s Real Economy Report. Join us again next week for more news and insight into South Africa’s real economy.