Revolutionizing South Africa’s Railways: PRASA’s Integrated Development, Student Housing, and Retail Centre

3 mins read
s o

PRASA, South Africa’s Passenger Rail Agency, is revolutionizing the country’s railways by launching two major development projects aimed at enhancing living conditions and providing affordable housing. The Goodwood Station Social Housing initiative aims to deliver over a thousand affordable rental units by October 2023, while the Cape Town Station development will offer 3,200 beds for students and a revamped retail precinct. PRASA’s diversified portfolio includes real estate investment and development to offset the cost of operating passenger rail services. These projects signify a collaborative commitment to improving transportation and infrastructure in South Africa.

What is PRASA’s approach to affordable housing in South Africa?

PRASA has launched the Goodwood Station Social Housing initiative, a R575 million project that aims to provide over a thousand affordable rental units in Cape Town by October 2023. Additionally, PRASA is collaborating with ERIS Property Group to develop Cape Town Station into a transportation hub that includes 3,200 student beds and a retail precinct. PRASA’s diversified portfolio also includes real estate investment and development to offset the cost of operating passenger rail services.

A Promising Approach to Affordable Housing

South Africa’s Passenger Rail Agency (PRASA) has taken significant steps towards realizing two major development projects aimed at enhancing the living conditions of its citizens. By launching the Goodwood Station Social Housing initiative and the Cape Town Station development, PRASA is cultivating thriving communities and transforming South Africa’s railways into state-of-the-art transit hubs.

The Goodwood Station Social Housing initiative is an enterprising R575 million project designed to provide affordable rental units in the City of Cape Town. With over 70% of the first phase complete, the project is on track to deliver more than a thousand rental units at reasonable prices by October 2023. The successful collaboration between PRASA, its investment company Intersite Investment, DCI Community Housing Services, the Social Housing Regulatory Authority (SHRA), the Infrastructure Fund, and the City of Cape Town has made this initiative achievable.

Besides the 1,055 affordable housing units, the project will also feature a 5,000 square meter retail facility on the station deck. The second phase of this project is scheduled for completion in 2024, further adding to the development of the surrounding area.

Cape Town Station Development: A Gamechanger

Another innovative venture is the Cape Town Station development, in collaboration with ERIS Property Group. Located at the core of the city’s transportation hub, this R1.2 billion project will supply 3,200 beds for NSFAS-eligible students and a revamped 7,000 square meter retail precinct. The retail area is planned for completion in November 2023, while the student accommodation will open for occupancy in February 2024.

PRASA has made a 25% co-investment in the Cape Town Station development through its special purpose vehicle, Intersite. This investment illustrates PRASA’s dedication to transforming its stations into dynamic communities where people can live, work, and play, ultimately elevating the experience for passengers and shoppers alike.

PRASA’s Diversified Portfolio for Sustainable Growth

PRASA’s secondary mandate includes real estate investment and development, urban telecommunication, and more, all executed by its property division, PRASA Corporate Real Estate Solutions, and Intersite Asset Investments. The agency persistently strives to adhere to global best practices to help offset the cost of operating passenger rail services. PRASA recognizes the importance of diversifying its revenue streams beyond passenger fares to uphold its commitment to offering affordable, reliable, and safe commuter train services.

Intersite also co-invests in “The Rynx,” a project in Braamfontein, Johannesburg, which involves the conversion of the current PRASA offices in the Tippet building into 189 apartments and additional facilities. Construction is due to commence in October 2023, with an estimated cost of R67 million and an 18-month duration.

Moreover, twenty more student and gap year accommodation buildings are approaching completion across PRASA’s extensive train network. These initiatives are crucial in unlocking the full potential of the agency’s property portfolio and revitalizing passenger train services.

Collaboration and Commitment: The Key to Success

PRASA’s accomplishments would not be achievable without the unwavering support and collaboration of its partners, stakeholders, and devoted project teams. These milestones signify just the start of a collective effort to improve the lives of South Africans by investing in vital areas such as transportation and infrastructure. Together, they are laying the groundwork for a more robust and prosperous South Africa.

1. What is PRASA’s approach to affordable housing in South Africa?

PRASA’s approach to affordable housing in South Africa includes launching the Goodwood Station Social Housing initiative and collaborating with ERIS Property Group to develop Cape Town Station into a transportation hub that includes 3,200 student beds and a retail precinct.

2. What is the Goodwood Station Social Housing initiative?

The Goodwood Station Social Housing initiative is a R575 million project that aims to provide over a thousand affordable rental units in Cape Town by October 2023.

3. When is the Goodwood Station Social Housing initiative scheduled for completion?

The Goodwood Station Social Housing initiative is scheduled for completion by October 2023.

4. What is the Cape Town Station development?

The Cape Town Station development is a R1.2 billion project in collaboration with ERIS Property Group that will supply 3,200 beds for NSFAS-eligible students and a revamped 7,000 square meter retail precinct.

5. When is the retail area of the Cape Town Station development scheduled for completion?

The retail area of the Cape Town Station development is planned for completion in November 2023.

6. When will the student accommodation in the Cape Town Station development be open for occupancy?

The student accommodation in the Cape Town Station development will be open for occupancy in February 2024.

7. What is PRASA’s secondary mandate?

PRASA’s secondary mandate includes real estate investment and development, urban telecommunication, and more, all executed by its property division, PRASA Corporate Real Estate Solutions, and Intersite Asset Investments.

8. What is the Rynx project?

The Rynx project is a project in Braamfontein, Johannesburg, in which PRASA’s current offices in the Tippet building will be converted into 189 apartments and additional facilities. It is co-invested in by Intersite and construction is due to commence in October 2023.

Previous Story

Mountains of Change: How Angela Yeung’s Everest Expedition Tackles Gender-Based Violence

Next Story

A Flawed Examination: The Oppenheimer Memorial Trust Education Report on South Africa’s Education System

Latest from Blog

Battling Streetlight Vandalism in Kraaifontein: A Community’s Struggle and Hope

In Kraaifontein, a lively part of Cape Town, the community faces a tough battle against streetlight vandalism. Broken lights not only make the neighborhood dark and unsafe but also waste resources meant for other important services. The City of Cape Town is fighting back by quickly fixing the lights and encouraging locals to report vandalism. With teamwork between residents and city officials, there is hope for a brighter, safer future where the community can shine together once more.

The Good Hope Centre: A Legacy in Transformation

The Good Hope Centre in Cape Town is getting a fresh start! Plans are underway to transform this historic site into a lively hub with homes, shops, and spaces for people to enjoy, all while keeping its beautiful dome intact. The city wants everyone to have a say in this exciting change, making sure it benefits the community and boosts the economy. With a rich past as a cultural center, the Good Hope Centre is ready to become a vibrant part of Cape Town’s future, blending its heritage with new opportunities for all.

Discover the My Cape Town Market: A Celebration of Culture and Commerce

The My Cape Town Market is a lively summer event in the beautiful Company’s Garden, where local culture and creativity shine. Each year, it brings together talented artisans and small business owners, showcasing their unique handmade goods and delicious treats. Visitors can enjoy live performances and fun activities, making it a delightful outing for families and friends. With its rich history and vibrant atmosphere, the market is a perfect place to celebrate Cape Town’s spirit and support local entrepreneurs. Join in the fun this December and discover the heart of Cape Town!

Boatica Cape Town: A Celebration of Marine Innovation

Boatica Cape Town is Africa’s biggest boating show, taking place from October 2527, 2024, at the beautiful V&A Waterfront. This exciting event showcases over 70 exhibitors and features cool activities like live boat demonstrations and sailing lessons. It’s a celebration of South Africa’s amazing boatbuilding skills and highlights the potential for jobs and growth in the marine industry. With a lively atmosphere filled with innovation and community spirit, Boatica promises to be a fun and inspiring experience for everyone who loves the sea!

Navigating the Crime Landscape: South African Police Service’s Dynamic Approach

The South African Police Service (SAPS) is taking strong steps to fight crime and keep communities safe. Their big operation, OPERATION SHANELA, led to over 13,000 arrests in just a week, targeting serious crimes like murder and rape. SAPS is also focusing on issues like genderbased violence and drug crimes, with many arrests made for these offenses. With efforts to tackle illegal immigration and improve road safety, SAPS shows a commitment to protecting the public and creating a safer South Africa. Their teamwork and determination in the face of challenges highlight the spirit of resilience in the country.