Gauteng Business News

Send  Share  RSS  Twitter  10 Aug 2011

PROPERTY: More Affordable Rental Units Coming for Popular Theresa Park


Recent Gauteng Business News

Construction will soon start on an additional 96 new affordable rental homes in the popular Theresa Park development near Pretoria.

The new development comprises 1, 2 and 3-bedroomed units priced between R3200 and R3600 per month. It forms the third phase of the Theresa Park development, which was recently funded by way of equity investment by global funder International Housing Solutions (IHS).

In 2006, IHS launched a R1.9 billion-strong fund to develop affordable housing in South Africa, in order to address the dire shortage of homes available to people who earn too much to qualify for government-sponsored homes, but not enough to be able to buy or rent property in the existing market. Since the launch of the fund, IHS has financed the development of more than 25 000 affordable housing units.

IHS Managing Partner Rob Wesselo says that IHS purchased 78 units in the already constructed Phases 1 and 2 of Theresa Park, and would be involved in the further construction of 96 units in Phase 3, for the affordable rental market. Construction is set to start in early August.

“IHS got involved in this project after identifying the demand for housing in the area. All homes in the first two phases are complete and fully tenanted. Due to the strong demand for quality homes in this fully settled, upmarket suburb, we are glad to be able to ensure that at least 96 more families will be able to rent here in the near future.”

In line with IHS’s philosophy of building quality homes and communities, all units, ranging in size from 37m to 60m, boast top quality design and finishes. A spacious layout design is standard across the various units, and their specifications are of a high level with a focus on comfortable and secure lifestyle living. The development is superbly located, near the Gerrit Maritz High School and the railway line to Pretoria, which is a mere 10km away.

The developer partner on the project is the award-winning construction company Caliber, which has a strong track record of numerous successful developments in the Gauteng area.

“Caliber has excellent experience in delivering this kind of project and is the ideal partner to make a development of this nature an overwhelming success,” says Wesselo.

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