Watergate Estate, the Western Cape's first privately-funded, affordable housing development, was launched in Mitchells Plain, with Western Cape premier Helen Zille and Cape Town mayor Dan Plato attending to endorse the project officially.
The R1,2bn project, to be developed by New Age Property Developments, will enable families with a joint monthly income of between R7,500 and R15k to own a home for the first time. The prices of properties on the estate will range from R329,900 to R409,900, and some major banks have committed to giving eligible buyers bonds of 100%, payable over 20 years.
The project, which will accommodate some 4,500 families, is in line with the government's Urban Renewal Programme (URP), a national strategy to uplift the most deprived areas, Mitchells Plain and Khayelitsha in the Western Cape being among them. The URP focuses on investment in economic and social infrastructure, human resource development and enterprise development.
At the ceremonial ribbon-cutting ceremony, Zille was reported to have said that Cape Town's housing backlog would be dramatically reduced by projects such as Watergate Estate. A significant proportion of people on the City's waiting list would be able to buy the homes in the development "and have self-respect and an affordable bond, and become part of the middle class of South Africa, raising their children and building everybody's future".
The mixed-use project, dubbed the "Gateway to Mitchells Plain", will occupy a 35ha site at the intersection of AZ Berman Drive and the R300 motorway, and is located opposite the Mitchells Plain General Hospital, which is nearing completion.
Watergate Estate will be developed in three phases over a five-year period, with 357 homes to be constructed in the first phase, followed by a further 2,400 homes in the second phase, which will also include a shopping mall, soccer field, and public facilities such as a multi-purpose community hall, park and undercover walkway leading to the newly upgraded Mandalay station. In addition, provision will be made for daycare facilities and places of worship.
The third phase, which is currently being planned, will comprise more upmarket homes, with a starting price of around R400k, according to Colleen Webb-Burgess of Webcol Properties, the marketing agent for the development.
The houses to be built in Phase 1 will comprise two- and three-bedroomed freestanding and semi-detached homes, ranging in size from 48sqm to 62sqm. In Phase 2, lock-up-and-go apartments, housed in three-storey high, walk-up blocks, will also be available.
It is anticipated that the installation of services on the site will begin next month, and building of the first houses will start around November 2009. The estimated construction cost for the whole of Phase 1 is about R99m, according to Webb-Burgess.
She says the response from potential buyers to the launch of the project has been phenomenal. "The homes are being offered on a first-come, first-served basis, but, as we are conscious of the lack of housing in the entire community, we will make every effort to meet housing needs. The details of all qualified buyers who can't be accommodated in Phase 1 will be kept on our records until the Phase 2 homes become available."
For more information contact Colleen Webb-Burgess on 021 761 0496 or send an email.
- Propterty24
The R1,2bn project, to be developed by New Age Property Developments, will enable families with a joint monthly income of between R7,500 and R15k to own a home for the first time. The prices of properties on the estate will range from R329,900 to R409,900, and some major banks have committed to giving eligible buyers bonds of 100%, payable over 20 years.
The project, which will accommodate some 4,500 families, is in line with the government's Urban Renewal Programme (URP), a national strategy to uplift the most deprived areas, Mitchells Plain and Khayelitsha in the Western Cape being among them. The URP focuses on investment in economic and social infrastructure, human resource development and enterprise development.
At the ceremonial ribbon-cutting ceremony, Zille was reported to have said that Cape Town's housing backlog would be dramatically reduced by projects such as Watergate Estate. A significant proportion of people on the City's waiting list would be able to buy the homes in the development "and have self-respect and an affordable bond, and become part of the middle class of South Africa, raising their children and building everybody's future".
The mixed-use project, dubbed the "Gateway to Mitchells Plain", will occupy a 35ha site at the intersection of AZ Berman Drive and the R300 motorway, and is located opposite the Mitchells Plain General Hospital, which is nearing completion.
Watergate Estate will be developed in three phases over a five-year period, with 357 homes to be constructed in the first phase, followed by a further 2,400 homes in the second phase, which will also include a shopping mall, soccer field, and public facilities such as a multi-purpose community hall, park and undercover walkway leading to the newly upgraded Mandalay station. In addition, provision will be made for daycare facilities and places of worship.
The third phase, which is currently being planned, will comprise more upmarket homes, with a starting price of around R400k, according to Colleen Webb-Burgess of Webcol Properties, the marketing agent for the development.
The houses to be built in Phase 1 will comprise two- and three-bedroomed freestanding and semi-detached homes, ranging in size from 48sqm to 62sqm. In Phase 2, lock-up-and-go apartments, housed in three-storey high, walk-up blocks, will also be available.
It is anticipated that the installation of services on the site will begin next month, and building of the first houses will start around November 2009. The estimated construction cost for the whole of Phase 1 is about R99m, according to Webb-Burgess.
She says the response from potential buyers to the launch of the project has been phenomenal. "The homes are being offered on a first-come, first-served basis, but, as we are conscious of the lack of housing in the entire community, we will make every effort to meet housing needs. The details of all qualified buyers who can't be accommodated in Phase 1 will be kept on our records until the Phase 2 homes become available."
For more information contact Colleen Webb-Burgess on 021 761 0496 or send an email.
- Propterty24
No comments:
Post a Comment