Johannesburg gets multi-billion dollar mixed-use development

By
Font size: Decrease font Enlarge font
Steyn City, a 2 000-acre multi-billion-rand luxury lifestyle resort with upmakert residential, golf course and commercial space was unveiled last week by Insurance magnate Douw Steyn. Steyn City, a 2 000-acre multi-billion-rand luxury lifestyle resort with upmakert residential, golf course and commercial space was unveiled last week by Insurance magnate Douw Steyn.

Billionaire Insurance entrepreneur, Douw Steyn on Thursday unveiled the new multi-billion dollar Steyn City lifestyle estate in Johannesburg with upmakert residential units, golf course and commercial space.

SEE NEW DEVELOPMENT: Business Gateway — Mon Trésor Industrial Freeport Zone in Mauritius

The project is the biggest development to hit Gauteng province in years after Waterfall in Midrand.

The development was transformed what used to be one of SA’s largest squatter camps — Zevenfontein — and its barren surrounds into the largest single live, work and play development in SA.

Nestled in the triangle between affluent suburb of Dainfern, Kyalami and the low-income Diepsloot, the giant city-within-a-city is six times the size of Sandton City, four times the size of Monaco, and nearly three times the size of New York’s Central Park.

Steyn City Properties first completed the estate’s infrastructure which has included huge investment into roads, sewerage, water and basic services.

Steyn City Properties CEO Giuseppe Plumari said that the development was a catalyst for the growth of the Fourways node in Johannesburg.

The biggest contribution was in roads infrastructure, which saw R300m, set aside to expand arterial roads.

Plumari reports; “we are working with government to extend the William Nicol through to the N14 which is already under way.”

Steyn City is also partnering with SA Government to upgrade Cedar Road that will feature two lanes on either side, from Fourways Life Hospital through to Steyn City Cedar Gatehouse.

About R6,5 billion has been spent on the first phase and over the next few years, over R50 billion is expected to be forked out for Phase-2 development.

The project is set to have its own retail centres and commercial office space, a medical facility, 18-hole Nicklaus-designed golf course and a school among other facilities, with planning approval for up to 10 000 residences.

More 100,000 indigenous trees have already been planted with another 1-million trees expected to be added to the estate over the next three years.

The estate boasts a 42km off-road mountain bike track, 15km of pedestrianised walkways, 100km of jogging tracks, an equestrian centre, outdoor swimming pools, skate parks, a clubhouse, gym and spa.

Property Prices

Prices of the 93 completed apartments range from R1.65m for one-bedroom units of 74m² to R3.9m for three-bedroom units of 149m².

Another 25 ultra luxury apartments of 400m², including expansive patios and private plunge pools, will be sold off-plan at R13.9m. Stand-alone homes and clusters are priced from R6.2m to about R8m.

Vacant stands sized between 800m² and 4,000m² will be sold from R2.3m to R16m.

Douw Steyn’s R250 million house

Until now much of the talk about Steyn City has centred on Mr Steyn’s palatial R250m mansion, which was completed some 12 months ago located in the heart of the estate. The 3,000m² Tuscan villa on a 2.5ha stand is believed to be the most expensive home ever built in SA, which trumps the cost of President Jacob Zuma’s Nkandla home.

But Steyn has hit back, saying he could have invested his money in Europe or the United States but chose South Africa – a vote of confidence in the country’s investment climate. 

Plumari says it would not have made sense for information on the development to be announced if there was nothing to sell or show.

Douw Steyn, who owns the ultraluxurious Saxon hotel in Johannesburg and started Auto & General Insurance, moved to the UK in 1992 to start insurance group Budget.

Steyn City will be his biggest property investment in South Africa.

Steyn’s massive investment has thus far created over 11 500 jobs for neighbouring Diepsloot and Cosmo City residents. 

A skills-development centre, which former Zevenfontein resident and entrepreneur Bafana Mokwena runs, has been established and trains around 40 workers per month.

Read more on:

South Africa Property Market  |  Property Investment in Africa  |  Gauteng  |  Johannesburg Property Market  |  Douw Steyn  |  Steyn City  |  Giuseppe Plumari

Mon Tresor Business Gateway

  • Email to a friend Email to a friend
  • Print version Print version

Newsletter

Africa Property Investment News | Commercial & Residential Property | Real Estate and Construction News
News and promos in your inbox