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South Africa: Vacant Land in Khayelitsha – Old Mutual Responds

06 May 2015


By Old Mutual

On 28 April GroundUp reported that land in Thembokwezi, Khayelitsha had not been developed by Old Mutual despite a commitment to do so in 2008. Here is Old Mutual’s response.

When Old Mutual initially purchased the Portside property, we accepted an obligation to the City of Cape Town to develop 500 houses in Khayelitsha. In consultation with the stakeholders, a proposal was developed to create a mixed-use development that included a commercial component as well as the development of 500 houses. However, while the initial proposal and feasibility included a mixed-use development, the obligation was for 500 houses and not to specifically build a commercial centre.

Read the full article from allAfrica.

 

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