Newly launched Divercity is an investment fund backed by the experience of some of South Africa’s leading property investors and developers.

This investment will be focused on the redevelopment of the iconic Absa Towers Main building and Jewel City.

“We believe that through the redevelopment of our 84 properties, almost 5 000 temporary jobs will be created during the construction phase,” Mashaba said.

Mashaba said Divercity has acquired the 30-storey Absa Towers Main building from Absa, conditional on approvals from the Competition Commission.

“These buildings are expected to deliver at least 4 000 units for student accommodation, small business premises and affordable accommodation for some of our poorest residents.”

READ MORE: Mashaba gives Joburg a low-cost accommodation facelift

“I am delighted that efforts of this administration, working together with the private sector, if finally bearing fruit for the people of our City,” Mashaba added.

The project will commence in early 2019.

– African News Agency