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.
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.
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 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.
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.
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.
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.
The Goodwood Station Social Housing initiative is scheduled for completion by October 2023.
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.
The retail area of the Cape Town Station development is planned for completion in November 2023.
The student accommodation in the Cape Town Station development will be open for occupancy in February 2024.
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 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.
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