The funding was announced at the official ground-breaking ceremony that took place today.

The mixed use development, to be developed by Matome Maponya Investments (Pty) Ltd (MMI), will consist of 564 housing units catering for the financial services charter market and 845 houses for the GAP market.  Houses will vary in size, and are priced from R360 000 to R481 000 at current market prices.

It is situated in Doornkraal, north west of the Polokwane CBD on the old Seshego road and will offer 1409 full title residential units to the untapped affordable housing market, including first time home owners.  The development will be built in five phases over a period of four years, creating 700 jobs over that time period.

Polokwane currently has a population of around 560 000 people, a population increase of 53 500 since 2001.  It is the economic hub of the Limpopo Province and, according to the Limpopo Multi Year Housing Plan, there is a backlog of about 22 600 housing units in the region.

The development therefore provides much-needed housing in the area and is in line with Government’s Breaking New Ground Initiative.  Among other things, it aims to integrate previously excluded groups into the city by its close proximity to Polokwane and transport nodes; provide a safe, secure and diverse environment by being within an established development and adjacent to the existing upmarket suburb called Lesedi; and ensure that low-income housing is provided in close proximity to areas of opportunity.

Manie Annandale Head of Nedbank Corporate Property Finance’s Affordable Housing Development Unit says that Nedbank is pleased to be involved in this development because of its being in line with government’s Breaking New Ground policy and the fact that it illustrates Nedbank’s commitment to assisting developers in providing affordable housing developments to the major growth areas in the country.  “This will be our first affordable housing development in the Limpopo Province and the first of many more, where Nedbank funds and partners with local developers with proven track records to build such developments.” 

Annandale made special reference to Nedbank Corporate Property Finance Affordable Housing unit members Lindiwe Mbongwe (Divisional General Manager) and Vinolia Mashiane (Relationship Manager) who played a pivotal relationship role with the developers and local stakeholders to successfully put the development funding in place.

Meta Maponya, Project Manager for Mahlako A Phahla development says that the development will provide homes to the untapped market, including first time home owners who do not find renting an option but could not afford homes. The houses will be theirs to own and will be investment they can leverage on.

“Transport to work will be accessible as it is closer to the city centre than the old Seshego.

Potential buyers will have peace of mind through the fact that this development is backed by the leader in development in the area – Matome Maponya Investments.  This development is the pride of the company as it caters for what the late Mr. Matome and Mahlako Maponya stood for, and their belief in the provision of quality affordable housing to the community,” said Maponya.

Maponya added that the gap between RDP housing and conventional affordable housing is affecting increasing number of people. “We believe there is an opportunity to establish synergies in the development process with more cost effective delivery which will benefit this sector.  This development aims to achieve a higher visual quality which will provide a more attractive urban environment and enhance self worth of the residents. This will also encourage people to aspire to improve their quality of life and live in a better house than an RDP house.”

Matome Maponya investment (MMI) is a diversified group operating in property and civil infrastructure development, middle and low income housing construction, disaster housing projects, industrial building renovations and engineering consulting and is 100% black empowered. MMI is a well known and respected developer in the Polokwane region.

The ground breaking ceremony was attended by the Limpopo Premier, MEC of Economic Development, Environment and Tourism as well as Lawrence Mapoulo, Chairman of the ANC Peter Mokaba District.