National Student Financial Aid Scheme (NSFAS)
A total of 3,200 eligible beneficiaries of the National Student Financial Aid Scheme (NSFAS) are set to benefit from the Passenger Rail Agency of South Africa (PRASA)’s development project in Cape Town. This exciting announcement came as Minister of Transport, Sindisiwe Chikunga, officially opened the R1.2 billion Mixed-Use Development Student Accommodation and Retail project in Cape Town on Tuesday.
PRASA has partnered with Eris Property Group to reimagine the forecourt of the Cape Town Station into a vibrant new precinct spanning 2.4 hectares. The project, which is 82% complete, includes the renovation of a 7,000 square meter retail sector that is expected to be finished in November 2023. The student accommodation, which will house the NSFAS beneficiaries, will be available from February 2024.
This project is part of PRASA’s wider investment in development projects for accommodation and retail facilities in Cape Town and Johannesburg. The first phase of the Goodwood Station Social Housing initiative, a project worth R575 million, is also nearing completion, with about 70% of the work done. This initiative aims to provide over a thousand rental units at reasonable prices in the City of Cape Town by October 2023.
The success of this project is the result of collaboration between various organizations, including the Public Real Estate Asset Management Company of South Africa, Intersite Investment, DCI Community Housing Services, the Social Housing Regulatory Authority (SHRA), the Infrastructure Fund, and the City of Cape Town.
Minister Chikunga highlighted that PRASA’s co-investment of 25% in the Cape Town Station development through its special purpose vehicle, Intersite, is a significant step towards ensuring the organization’s long-term financial stability. She emphasized the importance of transforming PRASA’s stations into thriving communities that provide a better experience for both passengers and shoppers.
In addition to the developments in Cape Town, Chikunga announced that PRASA and Intersite are also involved in “The Rynx,” a real estate project in Braamfontein, Johannesburg. This project involves the conversion of the current PRASA offices into 189 apartments and other uses, with construction scheduled to begin in October 2023.
Furthermore, PRASA is near completion on 20 more student and gap year accommodation buildings across its train network. These initiatives are crucial for maximizing the potential of PRASA’s property portfolio and revitalizing passenger train services.
As Chikunga explained, PRASA’s secondary mandate includes real estate investment and development, as well as urban telecommunication. These responsibilities are carried out by PRASA’s property division, PRASA Corporate Real Estate Solutions, and Intersite Asset Investments.
To ensure the sustainability of the passenger rail service, PRASA is working on diversifying its revenue streams beyond passenger fares. By investing in property development and other ventures, PRASA aims to generate additional income that can support the operation and improvement of commuter train services.
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