FWJK Development and Mayor Herman Mashaba celebrate sod turning for Illovo Point

Posted On Wednesday, 16 November 2016 09:05 Published by
Rate this item
(0 votes)

“Construction is underway on FWJK’s latest office and retail tower in Illovo,” announced Rhys Rocke, regional director of the developer FWJK Developments.

Rhys_Rocke_Regional_Director_FWJK_Developments_Mayor_Herman_Mashaba

Rocke, standing alongside Johannesburg’s new Mayor Herman Mashaba, addressed the audience of the sod turning ceremony and confirmed that the well reputed building contractor Adamson Nielsen Construction had commenced with excavations for the four level basement and were set to complete the fifteen storey skyscraper around the middle of 2018.  

Rocke added that, “The investment value of approximately R475 million including VAT would add around six hundred temporary jobs to the economy, one hundred and twenty of which would become permanent.  The significance of this particular investment is that the private businesses who will make up the majority of end-users in the building are shareholders in the development company and will take transfer of their office suites at cost price.  The cost price nature of the end-product has enabled those businesses to easily secure the necessary funding as the banks perceive higher values when considering LTV ratios.”

Rocke then introduced the Honourable Executive Mayor Councillor Herman Mashaba to those in attendance.  Mayor Mashaba immediately emphasized the important role which the private sector plays in job creation saying, “It is the responsibility of the Government to support and encourage private initiatives such as this property development by FWJK, the reason being that the rates and taxes generated by the private sector provide the income that the Government needs to create opportunities and programmes which benefit the majority of South African citizens.” 

Mayor Mashaba went on to challenge Gauteng property developers to propose solutions to fast-tracking the re-development of inner city buildings which could give new life to the City of Johannesburg, provide additional jobs and create safe and affordable spaces for the city’s residents.

The Illovo Point mixed-use development will offer 15 750m² of premium AAA Grade office space as well as quality ground floor restaurants.

Last modified on Wednesday, 16 November 2016 09:31
" "

Most Popular

Equites Property Fund to list on A2X

Jun 25, 2019
ANDREA TARVENA
Equites Property Fund Limited has been approved for a secondary listing on A2X Markets…

McCormick Property Development Celebrates the Opening of Katale Square

Jun 29, 2019
 JASON MCCORMICK
McCormick Property Development celebrated the launch of its 66th development with the…

New standard bank deal will make it easier for self-employed professionals to qualify for the mortgage bonds

Jul 03, 2019
 STANDARD BANK
Ever since the tightening of credit rulings in the South African economy which followed…

Hyprop reduces exposure to Africa and provides pre-close update

Jun 29, 2019
MORNE WILKEN
JSE specialist shopping centre REIT, Hyprop, today announced progress on its strategy…

Twin City to develop new R230m mall in Vryburg, North West

Jul 10, 2019
 TWIN CITY
The North West agricultural town of Vryburg is set to get its first enclosed shopping…

Please publish modules in offcanvas position.