PROPERTY: New Lifestyle Urban Estate for Soweto
Recent Gauteng Business News
Soweto – the most well-known and metropolitan black urban residential area in South Africa – is getting a billion rand “designer” lifestyle property estate complete with homes, parks, street cafĂ©’s shops, offices and 24-hour security, to be known as Jabulani Village.
The development, currently a greenfields project, will consist of over 4000 sectional title homes with quality finishes, such as granite kitchen tops, priced at around R340 000 each.
Situated adjacent to the Jabulani Mall, the estate will offer its residents all the advantages of modern urban lifestyle developments, including immediate access to shopping, classic street cafes, commercial sites, office parks, large open park spaces and the much anticipated Jabulani Theatre.
The project which is costing more than R1-billion, is being developed by Aquarella Investments, a partnership between International Housing Solutions South Africa (IHS), Calgro M3 Land (part of JSE-listed Calgro M3 Holdings) and the Jabulani Development Company.
Soula Proxenos, Managing Partner of I H S, which is a private equity funder of affordable housing, described the project as one of the most exciting of its kind, not only in Soweto but throughout the country
“Jabulani Village will bring the community together to celebrate all that Soweto has to offer. It has been carefully designed by renowned urban designers to ensure the development of an enhanced lifestyle estate that caters to all the demands of contemporary African living.
“IHS is committed to assisting in developing quality, affordable housing in South Africa. The Jabulani Village project is a perfect fit in terms of our business model”, she said.
I H S dealmaker, Yankho Chitsime, says the developers of Jabulani Village have been particularly clever in their approach, taking all potential home-owners needs into account.
“It will consist of various themed developments to suit the particular requirements of a range of clients. These include Jabulani Heights, a modern African design; Jabulani Manor, a Mediterranean style village; Jabulani Ridge, classic modern style; Jabulani Estate, a colourful estate for the urban yuppie; and Jabulani View, a traditional Tuscan village.
“The units will be of an average floor area size of 49m2, and will be sold at a highly affordable average price of approximately R336 000 per unit.”
The Jabulani Village project is the latest in a string of new affordable housing developments facilitated by IHS. Other developments include the Greatermans Building in downtown Johannesburg, the Carnival City development on the East Rand, the Fleurhof development situated between Soweto and Roodepoort and the Protea Glen development also in Soweto.
Construction is scheduled to commence with the breaking of ground in June 2010 and the first units are expected to be completed in March 2011.
Marketing of the project commenced at the beginning of March 2010 and, within a matter of two weeks, 260 sales had been recorded which bodes well for what is likely to become the premier lifestyle estate in this exceptionally vibrant part of SA.
Business News Sector Tags: Property|