Southern Corridor project presented to potential Investors at World Urban Forum
Today, Minister Tertuis Simmers will lead the Western Cape Delegation as they present the Southern Corridor Project to potential investors as part of the 10th World Urban Forum dialogue in Abu Dhabi.
The Western Cape Department of Human Settlements submitted the Southern Corridor project to the Cities Investment Platform - Connecting Cities with Private and Commercial Investors.
“I am excited at the prospect that our project could come out top in terms of selection. Getting to this point has been a long and arduous journey - we will be up against stiff competition from other countries such as Tanzania, Malaysia, the Philippines, Uganda, Brazil, India and Mexico.
I am however confident that our team has prepared well, our pitch is crisp and to the point and I believe that when we work better together we can achieve amazing results for the people of the Western Cape”, said Minister Simmers.
The Southern Corridor housing project will yield a total of 51 540 housing opportunities when complete. The Project comprises a combination of informal settlement upgrade and Greenfields development projects. As part of the Southern Corridor, the Airport Precinct comprises 10 informal settlements in the vicinity of the Cape Town International Airport and includes areas commonly known as Kanana, Barcelona, Europe, Vukuzenzele and Lusaka.
The Airport Precinct will yield approximately 12 000 units and serve to improve the living conditions of residents in informal settlements. We are currently in the planning phase and it is estimated that the project will be completed by 2025.
Should the Southern Corridor project be the successful project, as chosen by an international panel of judges and moderators, the Department stand to gain in excess of approximately 150 Million Dollars in funding. The bulk of this funding will go towards the installation of bulk infrastructure and top structures.
It is expected that the announcement will be made at the closure of the World Urban Forum on Thursday 13 February.