Macpherson says investors positive about SA National Property Company launch

Minister of Public Works and Infrastructure Dean Macpherson said investors have responded positively to the launch of the new South African National Property Company.

Macpherson said the State company will manage the government's property portfolio, which includes 88,000 buildings and five million hectares of public land.

President Cyril Ramaphosa announced the establishment of the firm in his State of the Nation Address (SONA) in February.

Macpherson said the South African National Property Company aims to cut the R6 billion spent annually on private leases.

Macpherson said this will be done by moving government departments back to modernised, State-owned precincts.

The minister said key projects include the redevelopment of Youngsfield and Wingfield military bases into large mixed-use properties.

"The big problem that we face is all of these assets owned by the State... there was just no economic value being derived from these assets."

Macpherson said 12 small coastal harbours have been earmarked for maritime-driven economic hubs, with a combined investment of more than R48 billion.