High hopes for Newtown plan.

Posted On Friday, 15 August 2003 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Johannesburg Housing Company CEO Taffy Adler said that the new R100m Brickfields residential project in Newtown, Johannesburg, launched yesterday, would see the first high-rise residential buildings erected in the inner city in about 30 years.

Taffy AdlerSpeaking at a sod-turning ceremony, Adler said the first phase of the
project a multicultural, mixed-income residential development comprising an
estimated 650 homes , would be completed in just under two years.
Adler said the last high-rise residential building built in the city was
Ponte, near Berea.
He said the company would be developing four buildings of between eight and
12 storeys high, interspersed with low-rise buildings.
The project will be on vacant land at the foot of the new Nelson Mandela
The Brickfields development has been heralded as a key component of the
Newtown Urban Design Framework , which forms part of Johannesburg's
regeneration plan.
The development is aimed at providing quality rental accommodation and
services that are affordable for the low- and moderate-income market.
Brickfields is being funded by a public-private partnership.
Gauteng government provided 30% of the initial capital on an equity basis
and that was followed by an additional R70m from other stakeholders,
including private sector stakeholders Anglo American and Absa, the National
Housing Finance Corporation and the Gauteng Partnership Fund.
Adler said that one of the company's future plans was to look at
refurbishing residential buildings in Hillbrow.
Premier Mbhazima Shilowa said the inner city had the best infrastructure in
Johannesburg .
He also called for other institutions, including the retail sector, to join
in the rejuvenation of the city.
Absa group executive director Steve Booysen called on business, government
and non governmental organisations to develop an action plan to make
Johannesburg a "world city".

Last modified on Monday, 19 May 2014 09:36

Most Popular

Kommetjie master plan development on the cards

Jul 11, 2020
A new mixed use development is being planned near the landmark Imhoff Farm in Kommetjie,…

Redefine Properties appoints Diane Radley to board of directors

Jul 21, 2020
JSE-listed diversified Real Estate Investment Trust Redefine Properties (JSE: RDF) has…

Will the repo rate hold or fall? Experts divided

Jul 13, 2020
South African Reserve Bank
Experts are divided on whether the South Africa Reserve Bank (SARB) Monetary Policy…

Commercial Rental Market Survey sees declining market activity and rising vacancy rates in Q2 2020

Jul 10, 2020
In this report, we discuss the 2nd quarter 2020 results of the rental market component of…

Lower house prices in the Western Cape behind renewed interest from first-home-buyers

Jul 16, 2020
Carl Coetzee CEO of BetterBond
Property in the Western Cape is regarded by many as among the most expensive in the…

Please publish modules in offcanvas position.