On June 29, 2023, the City of Cape Town held an online property auction, where the public had the chance to purchase City-owned land that is not needed for municipal purposes. The auction consisted of 32 properties of various sizes and zoning, including Community, Residential, and Business Residential. This auction was not only an innovative and transparent way of disposing of land but also generated revenue for service delivery throughout the region.
Driving Inclusive Economic Growth
The City of Cape Town’s Mayoral Committee Member for Economic Growth, Alderman James Vos, emphasized the importance of prioritizing underused land parcels for development via a competitive auction process. This approach allows all interested parties to bid equitably for such opportunities. By unlocking the potential of these land parcels, the City aimed to provide better services and amenities to its residents. The revenue generated from these properties will undoubtedly contribute to improving the quality of life for residents throughout the city.
Properties Auctioned Versus Affordable Housing Developments
It is important to note that the properties auctioned should not be confused with land parcels designated for affordable housing developments. Those land parcels are processed separately in terms of feasibility and packaging. Alderman Vos is working closely with the Human Settlements Department and Property Management Department to ensure that these sites are ready for disposal and development for various types of housing schemes required by the City.
Regularly Scheduled Property Sales
The City of Cape Town’s public auction process allows for the regular scheduling of the sale of properties not required for municipal purposes. This approach serves the private sector for home building and development opportunities while enabling private ownership and economic opportunities. By extracting the best value from these properties and maintaining a consistent approach to their processes, the City has demonstrated its commitment to responsible land management.
Leading by Example
The live-streamed auction’s success demonstrates strong support for the City of Cape Town’s efforts to bring land opportunities and better services to its people. By embracing transparent and equitable processes, Cape Town is setting a remarkable example for other cities to follow in their pursuit of inclusive economic growth.
The City of Cape Town’s property auction was an innovative and transparent approach to land disposal. By offering a diverse range of properties and ensuring a fair bidding process, the City has taken a significant step forward in driving inclusive economic growth and maximizing the social and economic value of its underused land parcels.
