The City of Joburg Property Company (JPC) said on Friday that it has shifted its focus away from property sales and auctions in favour of developing a stronger focus on asset management, leasing and development.

This approach would allow the JPC to play a bigger role in development, through black economic empowerment and job creation, MD Leila McKenna told a business breakfast in Johannesburg.

The company's new vision also facilitates the financial, economic and social activities, through JPC's activities, McKenna pointed out.

Commenting on the group's solid performance since its establishment, she said that the annual value of rentals handled by JPC has increased by 63% since mid-2001, from R12,6-million to R21,6-million. The annual value of sales has increased even more during this period, from R13,5-million to R38,5-million.

Currently, the JPC is working on the Wolhuter Street development, having been appointed to upgrade and manage portions of the site in the Newtown precinct.

Other projects include the development of certain residential portions in Meadowlands; upgrading and refurbishing the Dobsonville police station, at a cost of R992 903; and a residential development at the Ruimsig Farm.

In addition, the company is currently driving the 'Better Buildings Progress', a project through which 42 buildings were awarded to new investors for upgrading and development.

McKenna also reported that construction is to start on the Europa Hotel this month, with completion anticipated in June 2005. The R5,8-million project is aimed at converting the derelict building into a transitional housing facility. The hotel is being reconfigured to provide shared accommodation facilities and will provide a best-practice example for future facilities.

Several other projects, such as the Hilltop taxi rank, President Ridge, the Randburg Civic Precinct and Forest Town, are currently under way.

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