Details of the more than 80 municipal-owned properties that Tshwane metro will auction off to fund its ambitious plan to legally house some 112 000 families, will be made available early in February.
Tshwane hopes to raise half a billion rand by having pockets of undeveloped land, situated in various different areas of the city, sold off by its appointed auction partner High Street Auction Co.
The metro had opted for the auction route due to its transparency and value maximisation, Tshwane spokesman Blessing Manale said on Wednesday.
“In addition, Tshwane will set itself apart from its counterparts within sub-Saharan Africa due to the innovation associated with the project and the manner in which it is being executed,” Manale said in reference to the metro’s land release strategy.
He said this strategy aimed to stimulate investment, development, job creation and long-term sustainable income for the city.
As part of making the land available for auction, the metro also introduced an incentive framework with zoning, tax and financial incentives to assist developers in fast-tracking the development of the properties. “Tshwane has ambitious plans to uplift the city and attract investment to stimulate economic growth in the region,” Manale said.
He said High Street Auction Co’s transparent auction solution suited the metro’s objectives in that the company could expedite the sales process with competent business processes and expertise.
The metro aimed to auction the first phase of properties on 24 March this year, Manale said, adding that specific information pertaining to the properties and associated incentives would be made available by Tshwane and the auctioneers early in February.
Details of the land release strategy, incentives framework and more information on the metro’s key catalytic capital projects were scheduled to be revealed at the upcoming inaugural Tshwane investor summit which takes place on 19 February.
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Read: A new complete city for Tshwane
Massive municipal land sale to fund housing
