City of Joburg secures R2 billion for redevelopment

11 October 2018 2:25 PM

The City of Joburg has secured a R2 billion investment from the Diversity Urban Property Fund to renovate Johannesburg inner city and make "Joburg great again".

Chairman and founder of Diversity Urban Property Fund, Tebogo Mogashoa says the fund is aimed at developing functional neighbourhoods and mixed-use developments that will attract people looking for affordable housing close to their place of work.

This is a fund that is intended to rejuvenate the city by bringing people to reside, work and play in the CBD as it was intended to be when the city was founded.
— Tebogo Mogashoa, Chairman And Founder of Diversity Urban Property Fund

Mogashoa says the funds have been committed and they have already acquired the old Jewel City (the old Diamond City) where 1500 low income, affordable rental units will be developed.

This will be an extension to the Maboneng Precinct, says Mogashoa.

There will be a commercial development to go with it as well some schools to provide learning facilities for the inhabitants o the developments.
— Tebogo Mogashoa, Chairman And Founder of Diversity Urban Property Fund

To hear the rest of the conversation with Tebogo Mogashoa, listen below:

Written by: Lengwadishang Ramphele