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Send  Share  RSS  Twitter  19 Nov 2010

PROPERTY FINANCE: Nedbank Provides Funding for Affordable Housing Development

 





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Nedbank Corporate Property Finance: Affordable Housing today announced that it has provided R34 million funding for the installation of services and infrastructure and the construction of 428 sectional title homes in the Northern Suburbs of Pretoria.

The development, known as Gallaway Manor, is to be constructed by Gallaway Manor Property Development (Pty) Ltd, a property development company established by The Anderson Trust in 1995.

Prices will range from R290 900 for a 30m² bachelors unit to R599 900 for an 88m² three bedroom, two bathroom home. Units will be sold fully fitted with concrete roof tiles, built-in cupboards, wooden windows, kitchen units with granite work tops, ceramic floor tiles, standard sanitary ware and curtain rails.

The development will offer residents a number of lifestyle benefits. These include a 15 metre lap pool, 1.5 kilometre running track, ample outdoor seating areas amid landscaped gardens, and security benefits including 24 hour manned security with boom access control and a guardhouse at the gate.

Gallaway Manor also offers accommodation to Medunsa and Tshwane University of Technology students which will be supported by an Internet café and cafeteria.

Manie Annandale, Head of Nedbank Corporate Property Finance’s Affordable Housing Development Unit says that current bulk infrastructural supply constraints makes it crucial for Affordable Housing Developers to maximise land within nodes that not only use current infrastructure, but where such new developments are also close to transport, work and places of learning. This specific development meets these demands and also provides much needed affordable rental accommodation for students.

Gallaway Manor will be located in the northern suburb of Pretoria. Established residential suburbs are immediately adjacent to the west, south and east. To the north is the railway line feeding the western side of Pretoria and Soshanguve and the area is well served by transport services including a train station. The site is about four residential blocks away from Rachael De Beer Road, which is the main road that links Pretoria north to Pretoria central and surrounding areas.

There are no similar new developments in the immediate vicinity and there are a number of schools, religious institutions, shops and medical facilities that service the existing residents of the area.

Pretoria North has been identified as the next major property growth point in Tshwane – mainly due to the infrastructure upgrades the City of Tshwane undertook for the 2010 Soccer World Cup, particularly those to Wonderboom Airport. The area is two to three degrees warmer than Pretoria itself and has above average rainfall, ensuring perennial greenery. It is largely out of the pollution belt and traffic congestion is less of an issue than in other Pretoria suburbs


 
 
 
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