Fleurhof has been recognised as a prime example of the social impact that successful collaboration between private and public partners can make, while it has already attracted the attention of the international investment community. The R2.8 billion project, started in 2009, will ultimately include more than 8 000 low and middle income housing units, eight nursery schools, five schools, numerous community gardens and play areas, and several business and industrial areas.
The project is a joint venture between global private equity funder International Housing Solutions (IHS) and Calgro M3, a listed development company. The project has also benefited from significant input by and collaboration between the developer partners and the Department of Human Settlements along with the City of Johannesburg.
IHS managing partner, Rob Wesselo, says the company was particularly proud of the Fleurhof project, as it not only provided quality housing in line with the IHS philosophy of funding the communities of the future, but also served as a prime example of the potential of the sector, which was bound to attract significant international investment interest.
"Fleurhof has made a social impact in employing more than 1 000 skilled and unskilled local workers, and it will continue to create a lasting social legacy as a result of the proactive inclusion of schools, business hubs and community centres in the development blueprint," Wesselo says.
"Additionally, the project has already been highlighted in the Emerging Markets Private Equity Association's (EMPEA) Impact Case Study Series, to show the value these kinds of projects provide their investors. We are hopeful that its success will continue to attract further attention from global institutional investors seeking a well-positioned market offering strong returns at lower risk," he concludes.
