Cape Town - Two social housing development initiatives by the Passenger Rail Agency of South Africa (Prasa) are nearing completion, with one expected to take in tenants by the end of October 2023.
Yesterday, Prasa said the first phase of its Goodwood Station Social Housing project was about 70% complete.
The R575 million development, on either side of Goodwood train station, is expected to house 1 055 tenants by the end of October.
According to the rail agency group, the Goodwood development is a historic joint social housing development initiated by the group and signed by its investment vehicle, Intersite Investment.
Prasa Group CEO Emeran Hishaam, on his oversight visit to the group’s Northern line corridor, said the project was developed by DCI Community Housing Services and co-funded by the Social Housing Regulatory Authority (SHRA) and the Infrastructure Fund, among others, including the City of Cape Town.
Hishaam said: “This project demonstrates the importance of cross-sector collaboration and public sector partnerships in generating socio-economic and commercial value. It also demonstrates the role that Prasa can play in urban development by encouraging commercial and residential development near transit hubs.”
Once complete, the Goodwood development will also have the construction of a 5 000m² retail facility on the Goodwood train station deck as part of the development’s second phase, expected to be complete next year.
Cape Town mayor Geordin Hill-Lewis said he was encouraged to see construction progressing on the mega 1 000-unit social housing development in Goodwood.
“This is welcome progress towards our goal of enabling more well-located, affordable housing, with tenanting recently commencing at the City’s 204-unit Maitland Mews social housing development in that inner-city feeder suburb.”
The Goodwood development is one of the social housing initiatives the City has a stake in, along with Parow, Bothasig Gardens, Gardens and the Conradie Park development in Pinelands.
Meanwhile, Prasa’s second development, a 3 200-bed hostel for students at Cape Town station, is also nearing completion. The development, which is the group’s first co-investment with the Eris Property Group, is 88.8% complete.
The group said the first intake of students was expected in February and the redevelopment of the station’s 7 000m² retail precinct was expected to be complete in November 2023.
Commenting on the R1.4 billion development, acting Prasa Corporate Real Estate Solutions (CRES) CEO Annette Lindeque said: “This mixed-use property development of the Cape Town station is one of the examples in which we are repositioning our stations as places where people can live, work and play, while creating transit hubs.
“We expect to conclude similar investment agreements soon to bring in private property developers while unlocking value for Prasa.”