Over 6,000 apartments, mainly for students, will be built in the next six to eight months in the City of Johannesburg.
Mayor Herman Mashaba has announced what he called the biggest investment in local government of R20 billion.
Twenty developments with 81 properties will provide students with low-cost housing and mixed-use developments.
Investors in the project are all South African companies.
Ten thousand jobs will be created when the inner city of Johannesburg becomes a construction site as Mashaba’s rejuvenation project will get under way in the next six months.
“This project is also important for one other reason, it will play a massive role in our efforts to bolster Johannesburg’s economy.”
Rental for the units will range from R900 to R4,500 per month.
Mashaba added that: “In the request for proposals, the city insisted that for each development, there should be a minimum non-negotiable stipulation that 20% of the total developments cater for the R900 per unit per month rental category.”
Seventy more properties are now out for tender out of the more than 500 properties that the city is rescuing from illegal occupation.