On 29 April the Joburg Property Company (JPC) announced the 10 property developers who have won 24 tenders to reconstruct buildings in the Inner City. The developers will construct student accommodation, mixed-use developments, and trading space for Micro to Medium Enterprises.
The JPC said a chunk of 74 buildings will be released to another set of private sector bidders by September. The entity has warned that if developers are not able to deliver within a specified timeframe, the tender will be cancelled and awarded to another developer.
Over 500 bad buildings have been identified in an audit of the Inner City and will be awarded to the private sector for redevelopment in smaller chunks. They’re part of efforts to revitalise the space in a bid to grow the economy, reduce the housing backlog and create much needed jobs.