Such is the confidence of Vuyiswa Mutshekwane, SAIBPP Chief Executive Officer, there would not be a need for such organizations advocating for transformation.
To ensure the objectives are achieved, she pledged a rollout of a broad based empowerment fund in partnership with other stakeholders from public and private sector.
The funds will be allocated under the aegis of the Gauteng Partnership Fund (GPF).
Some 100 housing development initiatives have been identified and will enjoy access to an interest free loan funding to a maximum of R2 million.
This will cover project technical support and professional fees, mentorship programmes as well as training.
“The Fund assists companies to fund the property acquisition renovation or conversion or Greenfield housing projects in Gauteng,” Boni Muvevi CEO of GPF, said in his deliberations during the third SAIBPP Annual convention in Johannesburg.
Reflecting on the two-day convention, Mutshekwane expressed optimism of the resurgence of black entrepreneurs in the sector.
“We were able to bring representatives from different sectors with diverse content every presentation ended with a solution,” says Mutshekwane.
Mutshekwane highlighted that affordable housing development had been identified as potential for growth as more people are expected to move to the cities in the next decade driven by inroads in technological developments.
The convention drew speakers and panelists as well as key industry stakeholders, funding institutions and decision makers from the public and private sectors.
Prominent figures as Paul Serote, Head of Property Management, Trading Entity; and Kevin Roman, CEO of Mowana Property Group & COO of Pareto Limited.
At the conclusion of the convention, property industry leaders that have excelled in their respective disciplines and companies and succeeded in demonstrating a commitment to transformation.
This year was to see the introduction of a new award category honouring excellent academic achievement.
The South African Property Market was estimated at R5,5 trillion in 2014/2015 while the residential sector accounted for the bulk of this at 72,5 percent.
The commercial property sector contributed 23,6 percent of the total with the balance accounted for by the public sector.
Despite these gains, the benefits have not filtered among the black entrepreneurs.
SAIBPP President, Nkuli Bogopa, decried that black people were still largely excluded from the entire value chain.
“This is unacceptable and unsustainable 22 years into our democracy,” said Bogopa.
– CAJ News