In November, the first phase of the extensive Goodwood social housing mega project, consisting of 330 units, will commence tenant occupancy. Upon full completion, this project will offer affordable rental options to over 1,000 Cape Town residents and their families.
The entire set of 1,000 units Is slated for completion by mid-2024. This development is specifically designed to accommodate families with a combined monthly income below R22,000. It is a collaborative effort involving the Passenger Rail Agency of South Africa’s (PRASA’s) investment entity, Intersite, in partnership with the City of Cape Town, the Social Housing Regulatory Authority, DCI Community Housing Services, and various other stakeholders.
The rail agency emphasizes, “This project serves as a tangible example of the significant contribution our land holdings make towards enabling municipalities to achieve their objectives of constructing affordable housing, all while generating additional income for PRASA to support its long-term financial stability.”
Construction cost for the Goodwood Social Housing
The R575-millionproject is being constructed close to the Goodwood railway station. This station is strategically located along the Voortrekker Road corridor, which connects Cape Town’s primary central business district with the northern suburb of Bellville.
PRASA is actively engaged in the development of mixed-use student accommodation near Cape Town Station. This R1.2-billion project involves PRASA holding a 25% stake, in collaboration with Eris Property Group.
According to PRASA, this initiative illustrates their strategy of transforming railway stations into multifunctional spaces where students and others can not only study but also live and engage in recreational activities.
Furthermore, Intersite is partnering with Urbane Living for a new development in Braamfontein, Johannesburg, indicating their broader involvement in similar ventures.
The project known as “The Rynx” will involve the transformation of PRASA’s existing Tippet building offices into 189 residential units. This endeavor is anticipated to cost approximately R67 million and is scheduled to be completed over an 18-month period. Construction is set to commence in October.
Intersite has also disclosed that it is in the final stages of planning an additional 20 developments aimed at providing student and gap housing throughout its rail network.