Africrest Properties aims to manage 2,000 apartments by the end of next year
The private developer wants to double its assets under management and is drawing on inner-city demand
Investec Bank’s original head office is being redeveloped into a residential building called the Leo as private group Africrest Properties continues with its aim of doubling its apartments portfolio by the end of 2020. Africrest, which converts offices into residential properties, is one of a number of property development companies that is trying to provide affordable and middle-income housing in Johannesburg’s inner city. The company manages 1,000 apartments and plans to have 2,000 under management by the end of 2020. Its residential portfolio is worth R450m. The City of Johannesburg is trying to lure the private-sector back to the inner city, which many companies left in the 1990s. It has implemented a policy which says that 30% of all the units in new residential developments in SA must be priced and designed to be affordable. These tend to be smaller units which have a rental cap of R2,100 a month. Africrest director Grant Friedman said the company wanted a residential plac...
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