FINANCE: Nedbank Funds Affordable Housing Project in Soweto
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The facility will be utilised by Landpower for the installation of civil and electrical engineering and internal link services for the freehold stands, as well as the construction of 20 show houses.
Riverlea Extension 3 is an existing but relatively new development located in the south western quadrant of Johannesburg next to the Main Reef and Nasrec Road intersection. This new section is part of the existing development, which consists of 767 stands of which approximately 567 have been developed, sold and registered. All of these stands were developed by Landpower.
Serviced stands in the proposed development will be marketed at R150 000 excluding VAT, equating to housing packages priced from R348 000 for the entry level 40m² two bedroom, one bathroom unit. The cost of each individual unit includes transfer fees, plans, NHBRC, connection and building costs.
11 different house plans are available ranging in size from 40m² to 85m². All units on offer have a minimum of two bedrooms and one bathroom.
Installation of engineering services will commence in January 2011, with construction of the homes commencing in April 2011.
The project is surrounded by a number of developed residential stands, thus forming part of a stable and established community. A four kilometre long security wall surrounds the entire township of Riverlea Extension 3 and this has contributed to its success as a thriving community and safe environment in which to live.
Manie Annandale, Head of Nedbank Corporate Property Finance’s Affordable Housing Unit says, “Suitable land close to places of work and amenities for Affordable Housing developments has become scarce, as not only have land input costs increased, but local authorities are not able to meet the bulk infrastructure demands that new developments require. It is therefore refreshing for us to be able to fund this development where the developer maximises the existing infrastructure and is able to keep selling prices below R450 000 to cater for the need that exists in this price range.”
The development is conveniently situated within six kilometres of the Johannesburg CBD. There is an extensive infrastructure network serving the development, including good bus and taxi routes on Main Reef Road, as well as the Langlaagte train station situated just over a kilometre away. The industrial township of Industria is situated within walking distance of Riverlea.
A high school, doctor’s rooms and various churches are all situated within the suburb and the developer has commenced plans to investigate the construction of a local shopping facility and an additional 136 multi-storey sectional title residential development.
The Safrich Group of Companies was established in 1987. The company is made up of various subsidiaries largely involved in property development, as well as associated holdings. The Group’s core business is the development of residential townships and commercial properties. Developments to date include a total of 45 000 low, middle and high income residential units built mainly in Gauteng, Mpumalanga, Limpopo and the Free State.
Business News Sector Tags: Finance|