Transport Minister Launches the Festive Season Road Safety Campaign

Acting Board Chairperson, Ms. Nosizwe Nokwe-Macamo

Members of the PRASA Board

Chief Executive Officer, Mr. Hishaam Emeran

Director General, Adv. James Mlawua

Deputy Director General, Mr. Ngwako Makaepea

Chief of Staff, Ms. Zandile Mthembu

Special Advisor, Mr. Lawrence Venkile

Distinguished guests,

Honoured Guests,

It is a privilege to speak with you today to report the extraordinary progress we have made on two major development projects. The Passenger Rail Agency of South Africa (PRASA) is ecstatic to share these impressive achievements, which demonstrate our dedication to enhancing the quality of life for all South Africans.

Programme Director,

Let us begin by discussing the Goodwood Station Social Housing initiative. The first stage of this R575 million project is over 70% complete. Over a thousand rental units at reasonable prices will have been made available in the City of Cape Town thanks to this ambitious project by the end of October 2023. The Public Real Estate Asset Management Company of South Africa (PRASA), its investment company (Intersite Investment), DCI Community Housing Services, the Social Housing Regulatory Authority (SHRA), the Infrastructure Fund, and the City of Cape Town all worked together to create this successful project. It will include the construction of 1055 affordable dwelling units on PRASA-owned land near the Goodwood Station, as well as a

5,000 square meter retail facility on the station deck. The completion of the project’s second stage is anticipated for the year 2024.

Ladies and Gentlemen,

Another innovative project is the Cape Town Station development with ERIS Property Group. Located in the heart of Cape Town’s transportation hub, this R1.2 bn project will see the building of student housing with 3,200 beds for NSFAS-eligible students. A 7,000 square meter retail sector is being renovated as part of this landmark project to serve locals and commuters better alike. The retail precinct is planned to be finished in November 2023, and I’m happy to inform you that the project is 82% complete, with students moving in starting in February 2024. The city’s student housing situation will benefit greatly from this major construction.

Programme Director,

A significant step in ensuring PRASA’s long-term financial stability is the 25% co-investment it has made in the Cape Town Station development via its special-purpose vehicle, Intersite. This exemplifies our determination to rebrand our stations as thriving communities where people can live, work, and play, thereby transforming them into transit hubs that provide a better experience for passengers and shoppers.

Real estate investment and development, urban telecommunication, and more fall within PRASA’s secondary mandate, which is carried out by PRASA’s property division, PRASA Corporate Real Estate Solutions, and Intersite Asset Investments. To help defray the expense of operating passenger rail, we are carefully attempting to conform to worldwide best practices. PRASA’s capacity to maintain its commitment to economical, dependable, and safe commuter train service is contingent on its ability to diversify its revenue streams beyond passenger fares.

Programme Director,

We’re pleased to announce that Intersite is a co-investor in “The Rynx,” a project in Braamfontein, Johannesburg. The PRASA offices in the Tippet building will be converted into 189 apartments and other uses as part of this project. Construction is scheduled to begin in October 2023 at an estimated cost of R67 million and will take 18 months.

Additionally, we are nearing the completion of twenty more student and gap year accommodation buildings across our broad train network. These initiatives are essential to realizing the full potential of our property portfolio and reviving passenger train services.

Programme Director,

 In closing, I’d like to offer my sincere appreciation to all of our project’s partners, stakeholders, and hard-working teams. These accomplishments are just the beginning of our efforts to better the lives of South Africans through investments in things like transportation and infrastructure. We are moving forward as a united front, secure in the knowledge that our efforts are contributing to a more effective and wealthy South Africa.

Thank you.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button