PROPORTION OF GAUTRAIN RELATED PROPERTY TRANSACTIONS RAPIDLY INCREASING

Properties around the intended Gautrain route are experiencing a boom in both property prices and activity. In Rosebank a R600 million mixed-use development is currently planned, including upgrading of The Zone, The Firs and The Galleria. In Midrand, Zonk’lzizwe is a multi-billion rand development which includes retail, commercial, leisure, entertainment, residential and hotel developments. In Sandton the total development area of the node is nearly 1.7 million square meters for office, retail and residentail property.

Significant urban renewal projects are also underway around Hatfield, Pretoria, Marlboro and Johannesburg Park stations. In the Hatfield precinct the urban renewal project is starting with an investment of R280 million in phase one including development of 693 residential units, 4000 square meters of retail space and 839 parking bays. In Pretoria, the R10 million Re-Kgabisa Pretoria program is underway to improve inner city’s office accommodation which involves around 40 government departments and agencies. At the Marlboro Station, the Alexandra Urban Renewal project aims to spend about R1.3 billion on upgrading living conditions in the area and a 290-ha multi-billion rand mixed use development will take place at Frankewald Estate. At Rhodesfield Station in Kempton Park, the whole area is being redeveloped into a mixed use area and current residential properties are being sold to developers for commercial, high-density residential and office use.