Construction World July 2015

PROPERTY

“This new mega settlement is an excellent opportunity for investors who want to assist government in their development criteria for future generations.”

Metropolitan River City will have many bene- fits, including but not limited to: geographic consolidation of highly urbanised areas of rapid growth and development; large scale residential development projects; and mobility of people, goods and services into and out of the newmetro. Already the private sector is planning to invest more than R4-billion into this devel- opment, which will stimulate much needed economic activity in this corridor. The develop- ment is estimated to be worth between R7 and R11-billion, and will create up to 7 500 jobs in the construction phase alone. The development promotes the linking of different main roads, particularly the intersection of the R59 and the R42 and resultantly promotes mixed-use high density development. The interchange at R59 and R42 will have a slipway into the development and promote the promoting high density develop- ment along the public road transport link. Some R500-million is estimated for the bulk infrastructure which includes a new on- and off- ramp linking the R59 from Alberton into Sharpville for commuter ease, roads, water, and sewer pump station.

the neighbouring communities. The architec- ture is intended to be uncluttered and contem- porary with no unnecessary or gratuitous refer- ences to any particular regional style. Work precincts must be functional yet not sterile or devoid of social interaction; and equally resi- dential precincts must be wholesome places where families can enjoy rich, colourful and interactive lives with each other.” Social and economic impact Premier Makhura stated that, “The provincial government and municipalities must do their part to ensure that the rebirth of Sedibeng into a new economic giant in the south of Gauteng succeeds. The private sector has also done a lot by catalysing this development of the Vaal River City using their own land and own resources. We must crowd in more private and public sector investment leveraging state-owned land – municipal, provincial and national government land. “The era of random sale of government land must come to an end. We need to use our

own land strategically for industrial develop- ment and mega human settlements.” The southern corridor will encompass the economy of the Sedibeng district and the crea- tion of new industries, new economic nodes and emergent cities. To reignite the economy in southern Gauteng, the ‘Vaal River City Metro’ will capitalise on its potential for water-linked industries and transform itself into a logistics and heritage centre. Shifting the economy of this corridor away from its overreliance on the steel industry, it will diversify to include entertainment and logistics and anchor itself around river tourism and agro processing. To revive, modernise and re-industrialise the southern corridor and in order to build a seamlessly integrated, socially cohesive, economically inclusive City Region, the development of the new Vaal River City (hydropolis) aims to unlock the potential of the waterfront developments in the Emfuleni and Midvaal areas. The establishment of the Greater Vaal

19

MOODY’S UPGRADE Growthpoint Properties’ leading market position, strong balance sheet and its property portfolio’s increased resilience and defensive nature have contributed to Moody's Investors Service upgrading Growthpoint Properties global scale issuer and senior unsecured ratings to Baa2/P-2 from Baa3/P-3, and its national scale issuer ratings to A1.za/P-1.za from A2.za/P-2.za.

Moody’s also upgraded Growthpoint’s national scale senior unsecured Medium Term Note Programme (MTN) ratings to (P)A1.za/P-1.za from (P)A2.za/P-2.za. The outlook on all ratings is stable, reflecting Moody's view that despite a weakening economic climate in South Africa, Growthpoint will continue to produce steady revenues and operating profits and will continue to maintain >

CONSTRUCTION WORLD JULY 2015 I