Minister hails change in state property management

PUBLIC Works and Infrastructure Minister Dean Macpherson said on Wednesday that the State Property Company announced by President Cyril Ramaphosa last week would generate revenue for the government to fund its asset maintenance.

- MAYIBONGWE MAQHINA

Macpherson said during the State of the Nation Address debate, the proposed property investment vehicle was the most significant change in the management of state property since 1994,

“For decades, South Africa has owned the largest property portfolio in the country, yet too many assets stand vacant, vandalised, hijacked or underused,” he said.

Macpherson also said the state spent up to R6 billion every year leasing private buildings while state-owned prime property stood vacant.

The minister also said the State Property Company would create an asset book that would generate wealth for the public for generations to come.

“Tt introduces the best in asset management development, finance and product development,” he said.