Late last year, a Chinese property company spent a significant amount of money to buy the remaining AECI property in Modderfontein, a massive industrial area east of Sandton and Johannesburg. It’s in the area between Marlboro (a Gautrain station) and the airport. Prime property that has always been underdeveloped because it was required as an empty blast zone radius for AECI’s explosives and chemical plant in Modderfontein. That plant is now decommissioned, and the land will be developed over the next decade into a new skyline.
The Chinese investor has said that they want to build a New York or Canary Wharf type area, filled with modern buildings and a new skyline for the city of Johannesburg. I think it’s brilliant and can’t wait to see it emerge. I am not sure when construction will begin, but when the Chinese get going they tend to move at pace. Exciting stuff.