PROJECT
Residential rental apartments in Jewel City .
ALL IMAGES : DIVERCITY URBAN PROPERTY FUND
Divercity ’ s R1.8-billion Jewel City redevelopment in Maboneng
By Divercity Urban Property Fund
A magnificent new space has been added to the Maboneng precinct in the Johannesburg CBD .
The major R1.8-billion Jewel City redevelopment is a
massive new extension of Maboneng , which adds a completely new dimension to this immensely popular and vibrant area and expands what is very possibly Johannesburg ’ s best-located integrated lifestyle space .
Divercity Urban Property Fund , which is renewing and reenergising the country ’ s urban centres with its unique focus on inner-city precinct development , has completed the first phase of Jewel City in a two-year development programme .
Backed by the experience of some of South Africa ’ s leading property investors and developers , Divercity ’ s major shareholders and stakeholders are Atterbury and Ithemba , with cornerstone investors RMH Property and Nedbank Property Partners .
Divercity ’ s redevelopment has converted Jewel City into the heart of a thriving , modern neighbourhood , and is reviving inner-city living . It connects to the landmark Arts on Main , and extends across six city blocks , which have been closed for decades and previously housed Joburg ’ s precious metals and diamond trade , towards Divercity ’ s redeveloped iconic Absa Towers Main .
The mixed-use Jewel City includes 2 700 apartments , which are enjoying exceptionally high levels of take-up , as well as 20 000m ² of commercial space . Its retail space is already fully let , and its offices are increasingly attracting businesses to the area which benefits from immediate access to all the amenities that employee ’ s value most .
Tebogo Mogashoa , Chairman of Divercity , remarks , “ The reaction to Jewel City has been phenomenal . People naturally gravitate to spaces that are safe , beautiful , and fundamentally good places to be . This is a great place that benefits from infrastructure and community , and we are thrilled that we were able to see its potential and redevelop this gem to make it a safe and wholesome for families , and full of amenities and job opportunities .”
Carel Kleynhans , CEO of Divercity , adds , “ We are very excited to share Jewel City . Seeing it now , it is difficult to believe that the biggest challenge we faced in its development was getting others to invest in Divercity ’ s vision to build quality precincts in the city , and take a leap of faith with us . If anything , Covid-19 has proven the resilience of this asset class and has validated the business case for strategic urban rejuvenation and strengthened our conviction .”
16 JANUARY - FEBRUARY 2021 SAAffordHousing saaffordablehousingmag SA Affordable Housing www . saaffordablehousing . co . za