Shaft Citi was a R700-million mixed-use property development, which was set to commence construction in June 2008 in Germiston, an area synonymous with Johannesburg’s rich mining history.
Targeting the gap housing market (residential properties priced below R500,000), Shaft Citi comprised of 2,000 residential units across 17-hectares of land. Residential properties ranged in price from R150,000 (studio apartment) to R495,000 (duplex) and aimed to attract both first-time buyers and investors.
In addition, Shaft Citi comprised of an integrated retail and commercial hub, which would be home to a wide variety of retailers and state-of-the-art offices.
Anthony Keyworth was appointed as Shaft Citi’s creative consultant. Major emphasis was placed on the development’s aesthetic and Anthony Keyworth’s creative direction encompassed design and branding elements as well as collaboration with the project’s lead architect.
Shaft Citi was sold to the Housing Impact Fund of South Africa (HIFSA) in 2012 prior to the commencement of its construction. The HIFSA fund finances the construction of affordable homes for sale and rent, as well as providing housing loans and rental accommodation for families and students. The fund aims to help fill the gap in the market between government-provided housing and those who have access to bank finance to purchase their own homes.
HIFSA is currently the largest single source of development funding in the affordable market, having provided more money than South Africa’s big four commercial banks combined since 2010.