Aurora Place in Belhar is a good example of the gap housing projects which are changing the social fabric of society all over South Africa.
Selling prices are R439 989 (1st and 2nd floors) and R483 329 for ground floor units at Aurora Place in Belhar in Cape Town.
The development offers 96 sectional title two bedroom apartments in a 3 storey walk-up building.
Other amenities include parking, laundry area, club house and pool as well as a security gatehouse.
The units will be complete by mid 2013.
Selling prices are R439 989 (1st and 2nd floors) and R483 329 for ground floor units.
Unsold units will be managed as rentals and will be let for around R4 300 a month
International Housing Solution’s (IHS) R1.9 billion South African Workforce Housing Fund has invested in seven projects in the Western Cape worth R1 billion in total and 28 projects worth R7.5 billion in Gauteng and other provinces.
The Western Cape projects will provide an additional 2 186 affordable homes for sale and to rent and include the Belhar project as well as similar ones in Parklands and Stellendale.
IHS is a global private equity firm at the forefront of affordable housing development in South Africa.
It partners with financial institutions, real estate developers and local government authorities to provide equity finance for housing projects.
Soula Proxenos, managing partner of IHS, says the Belhar project which is being built by Asrin Property Developers, is a good example of the kind of development IHS is putting its financial muscle and expertise behind.
“It meets all the requirements for a good affordable housing investment,” she says.
Proxenos explains that firstly, its location is good and there is a high demand for both sales and rental properties in the area.
The proximity to the Belhar Railway Station, Cape Town International Airport and the universities make this a very attractive location.
It also has great local amenities and is situated next to a park and a church and close to tertiary institutions, she says.
She points out that the project is situated on the corner of Kanna and Suikerbos Roads in an older, more established part of Belhar, which is very secure, serene and on the doorstep of the University of the Western Cape and the Cape Peninsula University of Technology.
“A further plus factor is our strong development partner, Asrin Property Developers, which has a good track record based on previous developments completed within the time and quality parameters.”
“This is one of three projects IHS has partnered with this developer, whom we believe represents the best tradition of South African entrepreneurship,” says Proxenos.
According to Proxenos, the founder Ishmail Essa established Asrin Property Developers in 1994, with just a computer and limited capital.
He and his team grew the business from its first project of one semi-detached residential unit in Athlone, into one of the top property developers in the Western Cape renowned for delivering high quality developments.
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