Property auctions generate millions for the City.

Posted On Monday, 18 August 2003 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

The City (of Johannesburg) auctioned off a prime site situated on Comartie Road in Hurlingham, near Sandton, for a whopping R23,9m, double its reserve price of R10,3m.


The 29 000m² parcel of land was sold on the Intersite web site, by the Joburg Property Company (JPC), a council-owned company responsible for managing City property.

Buyer Teddy Greaver, on behalf of Refihlile Consortium, is likely to use the land for the development of residential property. The land is zoned for the development of cluster houses.

This was the fifth online auction of property owned by the City. Leila McKenna, Executive Director of JPC said the city had raised about R35-million from the previous four auctions.

McKenna hailed the sale price as "excellent value for the City. We have definitely chosen the right route in auctioning via the website. No other method would have raised such high returns".

McKenna said money generated by the sale could now be used "for infrastructure development in Joburg".

Last modified on Tuesday, 10 June 2014 15:38

Most Popular

Strong demand boosts Balwin as it claws back three months of no construction activity due to covid lockdowns

May 18, 2021
The Huntsman 2
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

Construction kicks-off at the R500-million Boardwalk Mall

May 17, 2021
Architects presective of the exterior  of the Boardwalk Mall
Flanagan & Gerard Group and Emfuleni Resorts, a subsidiary of Sun International (JSE:…

Growthpoint leverages development prowess to re-imagine La Lucia Mall as a vibrant suburban mixed-use experience

May 17, 2021
Growthpoint Properties (JSE: GRT) is applying its development expertise to unlock…

Successful degearing and continued dividend payments has allowed Investec Property Fund to continue rewarding shareholders

May 19, 2021
Andrew_Wooler_IPF (1)
Investec Property Fund, (“IPF”, or “the Fund”) today announced a resilient set of…

Residential sectional title sales again on the rise

May 27, 2021
Over the past 15 years, the sectional title market in South Africa has become entrenched…

Please publish modules in offcanvas position.