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The Modderfontein redevelopment project was intended to provide a mixed use property located near Tambo International Airport in South Africa. The Chinese developer, Shangai Zendai had planned to build the $8 billion project at the 1600ha site over a 15 year period. Unfortunately, Zendai was unable to move forward with the Modderfontein redevelopment project and it got paused by mid-2016. The developer purchased the property with the intention of building a high-end, mixed-used development comprising both housing and office spaces. In the end, Zenaida’s plans for the project were incompatible with the city’s vision. The City of Johannesburg didn’t want a luxurious global hub for the Modderfontein redevelopment project. Instead the city demanded that the developer include at least 5,000 affordable homes in its plans. Additionally, the city also wanted the project to be compatible and complement its public transport system. Zendai wasn’t ready to fully integrate the city’s wishes into its original vision for the Modderfontein redevelopment project. As a result the city ended up pulling out of the planning process. Eventually, the project’s owner, Dai Zhikang, sold his stake in the project to the China Orient Asset Management Company. |
