Maiprop high-rise to house working class

Posted On Wednesday, 06 September 2006 02:00 Published by eProp Commercial Property News
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Black-owned property investment company Mageba Investment Properties (Maiprop) is planning to build a multistorey, 200-unit residential building on a 3000m² piece of land owned by the company in the Park Station area, Braamfontein.

Property-Housing-ResidentialThe company, which was founded by 32-year-old entrepreneur Joe Ntombela seven years ago, has been active in the property redevelopment and investment arena in Johannesburg’s inner city and now has a property portfolio worth R30m.

Ntombela says the high-rise residential building, which will cost about R150m, will be developed in partnership with the Gauteng Partnership Fund, a joint development initiative of the private sector and government. The fund facilitates low-income housing and investment.

Ntombela says the residential building has been “approved in principle by our account executive” at the fund. “We are hoping to finalise applications for funding at the end of October and we hope to be on site in March 2007. It will take between 18 and 24 months to develop.”

He says the 15-storey building aims to provide rental stock for middle- to low-income earners.

“That is the market we aim at. As far as the inner city is concerned it is important to house your working class. Those are the guys who need the taxis and trains, and everything converges around Park Station.”

Ntombela says his firm believes for inner cities to be vibrant, “government must not only offer incentives to investors” but also increase the number of low- and middle-income owners living and working there.

“For the inner-city rejuvenation project to be sustainable, South African inner cities must not just be populated by tenants or wealthy owners of lofts, but also a significant working class citizenry with a vested interest and ownership of the city.”

To this end, Ntombela also conceptualised and initiated the Sectional Title Turn-Around Plan, which has recently been adopted by the City of Johannesburg as a pilot programme.

The plan serves as a turnaround programme for bodies corporate in distress by offering skills training in financial management, including the collection of levies and payment of accounts.

“I proposed that since we have the Urban Development Zones coming up for investments and the city had its “better buildings programme”, my concern was we didn’t just want a city of renters. For the city to realise its goal of being a vibrant city you need to have a core of citizens who are owners in the inner city.”

Ntombela says although Maiprop’s portfolio is worth R30m, it has the “capacity” to increase it to R50m by the end of next year.

Last modified on Saturday, 17 May 2014 08:43

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