NEWS
A glimmering
inner-city investment
The mega R1.2-Billion Jewel City redevelopment in Jozi CBD
is taking shape, inviting investment on a massive scale.
www.saroofing.co.za
C
losed to the public for decades,
Jewel City spans six city blocks that
formerly made up the heart of the
diamond and precious metals trade in Joburg.
By redeveloping its existing buildings and
constructing new buildings of over 40 000m²,
Divercity Urban Property Fund is converting it
into the heart of a thriving, modern inner-city
neighbourhood.
The revitalised Jewel City will reopen to the
public as a vibrant mixed-use precinct and
will be amenity-rich with a school, clinic, gym,
parking and convenience retail as well as fast
food and restaurants. It will also include
20 000m² of commercial space, 1 200 new
residential apartments in its first phase and
up to 1 000 in its second phase.
A major investment in Joburg, the initiative
will have a total development value of over
R1.2-Billion once complete. The development
will also create significant employment in the
city; an estimated 1 279 temporary jobs and
1 384 permanent jobs. In addition, it will
contribute to the municipal and national tax
base. In the next 18 months, Divercity will
launch more than 75 000m² of new residential
space in Joburg, in Jewel City and its
surrounds, with more than 2 200 apartments
in total.
Divercity’s major stakeholders, Atterbury
Property, Ithemba Property and Talis Property
Fund, as well as its cornerstone investors RMH
Property and Nedbank Property Partners,
attended the first sod ceremony which was
turned by mayor of Johannesburg Herman
Mashaba; Joburg’s MMC for Development
Planning Reuben Masango; and non-
executive director of Atterbury Property Fund
Phuti Mahanyela.
Mashaba says he is excited about the
project, calling it a catalyst for igniting the
City of Johannesburg. “We are a city with a
housing backlog of 300 000 and 160 000 of our
people are looking for accommodation. One
An artist’s impression of the vibrant Billion-rand Jewel City development.
in three people in Johannesburg is
unemployed and if Johannesburg isn’t
working, South Africa has no chance of
succeeding… This project is very important,
not just for Johannesburg but also for South
Africa and Africa as a whole.”
Mahanyela says Divercity is committed to
the transformation agenda of South Africa.
“It’s so important to see development and
redevelopment right here in our cities. It
helps to undo apartheid-era spatial divides
and move towards more inclusive
environments. Divercity invests exclusively in
inner-city environments with a focus on
affordable homes and delivering this in
better-to-reach precincts close to job
opportunities and amenities; creating an
environment that is wholesome for the
people who live and work here.”
Besides creating an inclusive world-class
‘live, work, play’ precinct, the Jewel City
project will enhance the area. It will be fully
pedestrianised with a people-friendly
walkway along Fox Street. Its pedestrian walk
links it with two other Divercity projects; to its
west, the new Absa Towers Main
redevelopment and, to its east, new
residential developments in vibey Maboneng.
Mashaba hopes that this development will
trigger other investors to identify the City of
Johannesburg as one of the biggest real
estate opportunities in the world today. “This
is an opportunity for us to provide affordable
accommodation for our people, to provide
student accommodation, and create
opportunities to unleash the entrepreneurial
potential of our people, and we, as
government, have a role to play as a
facilitator. We can turn the city around… We
can’t build it overnight, but this is a
beginning. We are ready to do business…”
With the reconstruction of Jewel City
underway, its first tranche of retail,
commercial and residential space will be
ready by October 2019. Completion of the
precinct is set for 2020.
CLADDING // CONCRETE // INSULATION // STEEL // THATCH // TIMBER // TRANSLUCENT // WATERPROOFING // COMPONENTS
JAN - FEB 2019
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