PRASA's Intersite Awards Six Western Cape Projects in R3.6 Billion Housing Pipeline
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Intersite Asset Investments, the property arm of rail agency PRASA, has awarded six Western Cape development opportunities to private-sector partners in a proposed R3.6 billion pipeline expected to deliver 790 apartments and 4,466 student beds.
Intersite Asset Investments, the property and investment subsidiary of the Passenger Rail Agency of South Africa (PRASA), has awarded six development opportunities in the Western Cape to private-sector partners. Together, the projects represent approximately R3.6 billion in proposed investment.
The projects are expected to deliver 790 residential apartments and 4,466 student accommodation beds on well-located, rail-linked land within the Intersite portfolio.
The Western Cape awards apply the model at scale, directing proposed private-sector investment into new homes and student accommodation on land held by the agency. One of the schemes is a senior living apartment development at St James Station, illustrated by an artist's impression released with the announcement.
The awards form part of PRASA's wider strategy of unlocking value from land and property around its commuter rail network by partnering with private developers.