City of Cape Town partners with Nedbank in affordable housing project

Posted On Thursday, 23 April 2009 02:00 Published by eProp Commercial Property News
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The agreement signed by the City of Cape Town and Nedbank in November 2007 to co-operate in the development of affordable housing projects on land owned by the municipality, has been taken a step further

Manie Annandale

Initially, three City-owned properties in Wetton, Ottery and Silverton were allocated for development and now a fourth, in Rugby, is also scheduled for development. 
The Rugby property is situated off Koeberg Road on the corner of Max and Zalkin Roads and is well suited to building affordable housing. About 180 bachelor and one bedroom sectional title homes will be built on the site. The basic price for the smaller, 30 square metre bachelor units will be R 145 000 and the one bedroom homes will sell at R 230 000. 

Approval from the authorities must be obtained before construction on site can commence and marketing can begin and rezoning applications are being prepared for submission to Council.

Manie Annandale, Head of Affordable Housing Development at Nedbank Corporate Property Finance, said: “This step further illustrates Nedbank’s commitment to addressing the housing shortage in South Africa.  We are delighted to be awarded a fourth piece of land for the development of affordable housing.  We wish to thank the City of Cape Town for affording Nedbank the opportunity to provide much-needed accommodation in the gap/affordable housing market in Cape Town”.

“The development of the first three properties allocated to Nedbank is progressing as planned.  Environmental assessment studies are underway at the Wetton and Ottery sites and rezoning and subdivision applications are being submitted. Silvertown is awaiting a decision regarding the extent to which the site must undergo an environmental impact assessment”, says Councillor Shehaam Sims, the City’s Mayoral Committee Member for Housing.

Marketing of the first tract of land is expected to start in May next year and construction is set to start in July 2010.

Wetton is situated in an existing residential area near the intersection with Landsdowne Road and the Ottery Shopping Mall and is accessed from Old Strandfontein Road. It is within walking distance of both the Ottery and Wetton railway stations. The land is expected to accommodate 616 units – 360 of which will be affordable housing units, with the remaining 256 being marketed as open market units.  The affordable units cost from R145 000 for a bachelor apartment and R230 000 for a one-bedroom unit.  The open market unit prices will range from R450 000 to around R 750 000 and will comprise two and three storey walk-up, sectional title units.  A  commercial/retail facility will also be developed on the site.

Ottery is two blocks from the Wetton site, two blocks along Old Strandfontein Road. This development comprises 265 open market homes costing from R450 000 to around R750 000.  The configuration will be two and three storey walk-up, sectional title units, as well as some single residential duplexes for the more expensive, open market units.

Silvertown is situated in the existing residential area of Silvertown near the Vanguard Road/ Settlersway on and off ramp from the N2. It is opposite the Vygekraal Sports Centre and 3,5km from Rondebosch East, Mowbray and Pinelands.  Eight Duplex homes of approximately 75 sqm are envisaged, costing about R750 000.

Last modified on Monday, 12 October 2015 16:37

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