The City of Cape Town has released over R100 million worth of prime property in the Central Business District (CBD) for a flagship affordable housing project.
According to Carl Pophaim, Mayoral Committee Member for Human Settlements, who shared the details of this ambitious initiative, the property, spanning approximately 9 000 square metres, is strategically situated on New Market Street, offering convenient access to major transportation routes in the heart of the city.
He says this partnership project carries the potential to create around 500 well-located housing units, with a notable 200 units designated for subsidised social housing rentals. These units will cater to individuals and families earning less than R22,000 per month, providing them with affordable housing options in a prime urban location.
The development project has already entered the tendering phase, with a submission deadline set for October 16, 2023.
Pophaim says that the move reflects the city’s commitment to addressing the pressing need for affordable housing in Cape Town, particularly in the city centre, where accessibility to essential services and job opportunities is paramount.
Original Story by www.sabcnews.com