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Pretoria - The city of Tshwane is experiencing a building boom, despite a sluggish local and global economy, Mayor Kgosientso said on Thursday.
"The number of building plans approved has doubled between the 2010/11 and 2014/15 financial years, representing a growth rate of 103%," he said during his State of the City Address.
This amounted to R81bn in approved building plans over the period, excluding the value of land. Over R15bn worth of building plans were approved between July 2015 and March 2016 alone. The private sector component of the approvals amounted to almost R71bn, Ramokgopa said.
Each year for the last three years, in excess of 8 000 buildings were completed in the city.
The highest investment growth rates were in Region 4, (Centurion and surrounds), followed by Region 1 (the North), and Region 3 (the inner-city and surrounds).
Since 2012, efforts to revitalise the inner city had seen about 150 000m2 of office space constructed, or still under construction, at a cost of R5bn, Ramokgopa said.
Within the current term of office, about R12.5bn was invested in the real estate, automotive and other manufacturing sectors. This had exceeded the five-year target by R3.5bn.
The Menlyn Main development was set to become Africa’s first green city. The node was developing at a phenomenal rate, with over 350 000m2 under construction, at a total cost of R13bn.
That would be followed by the creation of the largest fast-moving consumer goods manufacturing plant, in Sunderland Ridge. The second investment would be a retail development in Mamelodi. Both would contribute R26bn to the capital’s economy and create more than 60 000 new jobs over the long-term, he said.
