Western Cape Business News

Send  Share  RSS  Twitter  28 Jul 2010

DEVELOPMENT: Nedbank Funding For Affordable Housing


Recent Western Cape Business News

Nedbank has announced that it has provided R56 million funding for the first two phases of an affordable housing development – worth a total of R800 million – to be built in Mitchell’s Plain in the Western Cape.

The development, known as Watergate Estate, is the anchor project of the City of Cape Town’s Urban Renewal Initiative and will be the first privately funded affordable housing development in the Western Cape.

The development will comprise a total of 2157 residences in total and is to bedeveloped by the New Age Property (NAP) Group.   Phases B and C, consisting of 357 mainly semi-detached two and three bedroom freehold single storey units, will be completed in June 2011.

These units will sell for between R299 900 for a two bedroom semi detached and R409 900 for a three bedroom freestanding unit.  The development will cater to the GAP market – families earning between R5 000 and R15 000 per month.

Watergate Estate is located next to the R300, on AZ Berman Drive at the entrance to Mitchell’s Plain.  The estate is within walking distance of two commuter railway stations – Mandalay and Philippi – and the future Mitchells Plain General Hospital.

Manie Annandale, Head of Nedbank Corporate Property Finance’s Affordable Housing Development Unit says that the affordable housing market remains under pressure to meet demand and that it is vital to deliver quality houses at affordable prices in the GAP housing range.  “In providing funding to New Age Properties for this development, Nedbank Corporate Property Finance Affordable Housing continues its strategy to support developers with proven track records in good locations where there is demand for affordable housing – especially in the Western Cape, where demand currently far exceeds supply.”

NAP managing director, Anver Essop says, "It is a great honour to play a leading role in addressing the housing shortage that we face in the Western Cape and I am delighted to be involved in the first affordable housing project of this magnitude in Mitchell's Plain.  I am also thrilled that Nedbank has chosen to finance this project and look forward to working with them further in the future."

New Age Properties (NAP) was established in the mid 1990’s and is acknowledged in the Western Cape as a leading provider of Affordable Housing in the region.  The principle and 100% shareholder, Anver Essop, has extensive parliamentary experience, having been chairman of the Parliamentary Committee on Trade & Industry from 1991 until 1995 and a member of the Parliamentary Committees on Foreign Affairs and Labour Relations from 1989 until 1995 respectively. Thereafter Essop became mayor of Beaufort West and served on the Western Cape Housing board until 2005.

Developments completed by NAP include residential developments such as Vanguard Villas in Mitchell’s Plain, Santiago Bay in Muizenberg and Villa Rustica in Parklands.  The company also developed the Beaufort West shopping mall and the Pavilion Centre in Parklands.

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