The Eastern Cape Development Corporation has tabled a plan to the provincial government to dispose of R362-million-worth of non-core assets.

Half of these are residential properties leased out to private tenants at a “close to market-related value”.

ECDC chief Kevin Wakeford said the plan to dispose of the assets had been tabled to Bhisho’s economic cluster committee.

Approval or rejection of the plan would take between six to eight weeks, before the provincial cabinet had a final say.

Wakeford said if cabinet approved the plans, the properties would be sold and the money used to “lend a hand to certain economic development projects. We believe the property should be placed back (in) the hands of people,” he said.

The corporation has about 2 500 properties in the province.

The money could also go into an investment fund meant for development purposes, with the aim of using it as capital to help emerging businesses.

“It’s time we disposed of them (the properties),” said Wakeford, “it’s not our role to be a custodian of assets”.