A geological setback, high rentals and a budget overrun throws the N2 housing project into a crisis.
The beleaguered N2 Gateway housing project in Cape Town has been dealt a further financial blow by the discovery that 705 units comprising the projects first phase have been built on a 50-year-flood plain.
The city has had to fork out a further R10m to build a culvert to divert possible flood waters, Democratic Alliance councillor, Niel Ross, chairperson of the city’s housing committee confirmed this week.
The floodplain setback was part of a triple whammy for the R1.2bn project this week, also including: The discovery that only 11 families of a sample of 200 waiting for houses in the city could afford rentals in phase one; and the disclosure in a council debate this week that the development had incurred a R35m overrun in building costs. SHF - M&G
The beleaguered N2 Gateway housing project in Cape Town has been dealt a further financial blow by the discovery that 705 units comprising the projects first phase have been built on a 50-year-flood plain.
The city has had to fork out a further R10m to build a culvert to divert possible flood waters, Democratic Alliance councillor, Niel Ross, chairperson of the city’s housing committee confirmed this week.
The floodplain setback was part of a triple whammy for the R1.2bn project this week, also including: The discovery that only 11 families of a sample of 200 waiting for houses in the city could afford rentals in phase one; and the disclosure in a council debate this week that the development had incurred a R35m overrun in building costs. SHF - M&G
No comments:
Post a Comment