Johannesburg’s city centre, which was left to degrade after businesses and the middle class left it nearly 30 years ago, will welcome an impressive new multi-use development, Jewel City, which will be launched on Heritage Day.
Divercity Urban Property Fund has turned the old diamond district into a R1.2bn project, which is offering affordable housing.
The project will span six city blocks when complete and will include 2,700 apartments. Of the 1,200 apartments in the first phase of the development, 1,000 are already occupied.
Divercity CEO Carel Kleynhans says his team is securing 400 rentals a month. More than 70% of these tenants are new to the inner city and are prepared to pay between R3,500 and R7,000 to live in the new precinct.
This is testament to people wanting to live near where they work. Young South Africans are prepared to give the inner city another chance. They are tired of long commutes to work in the inner city and spending thousands a month on transport.
On September 24, a socially distanced launch will be held at which people can celebrate an achievement for the property sector in an area it largely forgot.
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