City of Cape Town sells R144m land for R1.8m
(World News South Africa)

Cape Town - To deliver on its social housing objectives, the City is selling a piece of prime property in Salt River to Communicare well below its market price. Communicare bought the 1.7hectares of land, currently valued at R144million, for R1.8m to build a R715m high-rise building. In exchange, 300 of the 850 housing units in Salt River would be allocated to social housing - reserved for households with a monthly income of between R1500 and R15000. The sale of the land in Albert Road was proposed by the City´s department of transport and urban...