Cape Town City Earmarks R130m Property for Affordable Social Housing in CBD

The City of Cape Town has publicized its intent to allocate property worth R130 million, approximately measuring 9,000 square metres, along New Market Street in the Central Business District (CBD). The move is part of a multifaceted effort aimed at generating more affordable housing spaces in the bustling city.

Councillor Carl Pophaim, the Mayco in charge of human settlements, disclosed that the city has around 6,500 social housing opportunities in the pipeline. This follows the city's release of 32,666 square metres for social housing development within the past five years.

"The City has acquired more than 900ha of land for its Integrated Human Settlements Development objectives," Pophaim stated. He praised the progress made through the Mayoral Programme for Accelerated Land Release which has seen land parcels totalling over 1,300 planned housing units reach vital release milestones within its first year.

Pophaim highlighted the project as a flagship partnership venture in the Cape Town CBD. "About 200 of the approximately 500 potential units are earmarked for subsidised social housing rental units. This showcases our focus on unlocking land for subsidised affordable housing for those earning below R22, 000 per month."

The project aims at revitalizing neighbourhoods while offering affordable housing opportunities to moderate to low-income residents, thus breeding meaningful economic growth.

The national Social Housing Policy targets households with a monthly gross income between R1 850 and R22 000 with social housing institutions (SHIs) tasked with policy management. Solely relying on rental income, SHIs receive no operational grants and service their debt through it.

Interested parties are advised that the deadline for tender submission is at 10 am on 16 October 2023.