Khayelitsha in Cape Town is the first township in the province where a security lifestyle estate will be developed.
THE launch of the R350m Thembokwezi Lifestyle Estate in Khayelitsha was attended by numerous VIPs, including President Thabo Mbeki, Cape Town mayor Helen Zille, senior corporate executives and members of the Western Cape provincial government.
Thembokwezi, meaning "Morningstar of hope", will be a mixed-use commercial and residential development, situated in the established site C of Khayelitsha. This pioneering joint development between Old Mutual Investment Group Property Investments, Nedbank, the Khayelitsha Development Forum, the Western Cape housing department and the City of Cape Town, has been on the cards for some time.
Ben Kodisang, MD of Old Mutual Investment Group Property Investments, owners of the 10ha of property in the more affluent part of the township, says: "The estate is an Old Mutual/Nedbank response to government's request to business to engage in the provision of affordable housing and sustainable development.
"Khayelitsha is subject to a Presidential Urban Renewal project, whose objectives include the upgrading of public transport, the development of a multifunctional CBD, the initiation of infrastructure projects focused on public amenities such as sports facilities, community centres, crèches, roads and cemeteries, the development of health-care facilities, the improvement of safety and security and the reduction of informal settlements," he says.
The community, says Kodisang, will benefit from spin-offs such as construction-related employment and skills transfer, some permanent employment associated with the commercial precinct, and the facilities that will be provided to residents. The key objective of the project, he says, is to provide a sustainable mixed-use precinct that will incorporate key social needs of the community while also offering viable sustainable commercial environment.
Thembokwezi Lifestyle Estate will consist of 564 housing units on 5,5ha of land, a lifestyle centre including a 15 000m' retail centre and 50000m' office accommodation, all situated on 4,5ha. The estate will also provide a gardens section measuring 4500m', a public green space for the use of the greater community.
The project will be developed in four phases of affordable housing to be sold on a sectional title basis, with multi-storey complexes providing one and two bedroom units to entry level buyers in the "gap market". The empowerment division of Pam Golding Properties will be marketing the estate, and units will become available once the show units have been completed in October this year. Although the complete cost structure has not been determined yet, these non subsidised units will come on to the market at a starting price of R250000. Pam Goldings's Andrew Golding says they are proud to be involved "in marketing homes in this visionary new project, in an area where there is a huge demand for residential units of this kind".
The Khayelitsha Development Forum, who has been involved in the project from inception, sees as their main challenge the transformation of the area from a dormitory township to an integrated human settlement.
The forum has already participated in many other successful projects, the most recent being the extension of the Khayelitsha Railway Line by 4,5km, with two stations to cover the areas of Mandela Park, Macassar and Kuyasa.
Nedbank will make end user finance available to prospective buyers through Nedbank Home Loans. Nedbank CEO Tom Boardman says that the bank's participation in Thembokwezi is a continuation of its drive to make banking accessible to communities, as is evident in the launch of its Khayelitsha branch as well as plans to upgrade the current branch at Site C.
Thembokwezi Lifestyle Estate will boost the number of developments brought to previously under-serviced areas under the Old Mutual umbrella through their role in boosting economic transformation in SA. - All Africa
THE launch of the R350m Thembokwezi Lifestyle Estate in Khayelitsha was attended by numerous VIPs, including President Thabo Mbeki, Cape Town mayor Helen Zille, senior corporate executives and members of the Western Cape provincial government.
Thembokwezi, meaning "Morningstar of hope", will be a mixed-use commercial and residential development, situated in the established site C of Khayelitsha. This pioneering joint development between Old Mutual Investment Group Property Investments, Nedbank, the Khayelitsha Development Forum, the Western Cape housing department and the City of Cape Town, has been on the cards for some time.
Ben Kodisang, MD of Old Mutual Investment Group Property Investments, owners of the 10ha of property in the more affluent part of the township, says: "The estate is an Old Mutual/Nedbank response to government's request to business to engage in the provision of affordable housing and sustainable development.
"Khayelitsha is subject to a Presidential Urban Renewal project, whose objectives include the upgrading of public transport, the development of a multifunctional CBD, the initiation of infrastructure projects focused on public amenities such as sports facilities, community centres, crèches, roads and cemeteries, the development of health-care facilities, the improvement of safety and security and the reduction of informal settlements," he says.
The community, says Kodisang, will benefit from spin-offs such as construction-related employment and skills transfer, some permanent employment associated with the commercial precinct, and the facilities that will be provided to residents. The key objective of the project, he says, is to provide a sustainable mixed-use precinct that will incorporate key social needs of the community while also offering viable sustainable commercial environment.
Thembokwezi Lifestyle Estate will consist of 564 housing units on 5,5ha of land, a lifestyle centre including a 15 000m' retail centre and 50000m' office accommodation, all situated on 4,5ha. The estate will also provide a gardens section measuring 4500m', a public green space for the use of the greater community.
The project will be developed in four phases of affordable housing to be sold on a sectional title basis, with multi-storey complexes providing one and two bedroom units to entry level buyers in the "gap market". The empowerment division of Pam Golding Properties will be marketing the estate, and units will become available once the show units have been completed in October this year. Although the complete cost structure has not been determined yet, these non subsidised units will come on to the market at a starting price of R250000. Pam Goldings's Andrew Golding says they are proud to be involved "in marketing homes in this visionary new project, in an area where there is a huge demand for residential units of this kind".
The Khayelitsha Development Forum, who has been involved in the project from inception, sees as their main challenge the transformation of the area from a dormitory township to an integrated human settlement.
The forum has already participated in many other successful projects, the most recent being the extension of the Khayelitsha Railway Line by 4,5km, with two stations to cover the areas of Mandela Park, Macassar and Kuyasa.
Nedbank will make end user finance available to prospective buyers through Nedbank Home Loans. Nedbank CEO Tom Boardman says that the bank's participation in Thembokwezi is a continuation of its drive to make banking accessible to communities, as is evident in the launch of its Khayelitsha branch as well as plans to upgrade the current branch at Site C.
Thembokwezi Lifestyle Estate will boost the number of developments brought to previously under-serviced areas under the Old Mutual umbrella through their role in boosting economic transformation in SA. - All Africa
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