Hong Kong property developer group Shanghai Zendai will construct a US$7.6bn city in South Africa in 2015
The upcoming project, called Modderfontein City, is located between the OR Tambo International Airport and the financial centre Sandton. It will comprise of educational institutions, a contemporary African gallery and state-of-the-art infrastructure, stated local reports.
The city will primarily host 100,000 international residents and create 50,000 jobs. Zhikang Dai, CEO of Shanghai Zendai stated that they will invite investors and divide the project into sections such as residential, education, commercial and industrial.
Anthony Diepenbroek, CEO of Zendai Development South Africa said that Modderfontein City will be reckoned the “South African City of the Future”. With Africa’s population expected to double by 2050, the new city will help ease the population pressure.
Particularly, IT systems and public transport will be developed extensively. Chinese investors have sought funding for the project, and Guateng area authorities have endorsed construction, added project officials.
The project will take 20 years to be completed, according to CNBC Africa.
The Hong Kong-based property developer purchased the Modderfontein land area from South African chemicals company AECI in 2013 for US$90mn.
