The next phase of construction on Watergate Estate in Mitchells Plain in the Western Cape is set to go ahead following an announcement by Nedbank Affordable Housing Development Finance that it has approved further funding for the development, bringing this to a total of R180 million that Nedbank has committed to Watergate.
The next phase of construction on Watergate Estate in Mitchells Plain in the Western Cape is set to go ahead following an announcement by Nedbank Affordable Housing Development Finance.
The funding, to New Age Property Developments under the leadership of Anver Essop, is for Portion D of Watergate Estate, zoned for 232 single residential units, most of which are two bedroom units priced from R369 900 to R469 900. Nedbank Affordable Housing also previously provided financing for Portion C and B of the development, which consist of 357 units.
New Age Property Developments launched the Watergate Estate development- the first privately funded affordable housing development in the Western Cape, as an anchor project for the Urban Renewal Program of the City of Cape during July 2009.
It is situated in an area in Mitchells Plain that has experienced much development recently with the upgrade of the Mandalay and Phillipi railway stations and the construction of a public hospital adjacent to the estate. Mitchells Plain is one of Cape Town's and South Africa’s largest townships with a population of approximately one million and a spending power of over R100 million per month.
Manie Annandale, Head of Affordable Housing at Nedbank Corporate Property Finance, says Nedbank is committed to enabling access to development finance for developers with a track record in the affordable housing sector.
The funding, to New Age Property Developments under the leadership of Anver Essop, is for Portion D of Watergate Estate, zoned for 232 single residential units, most of which are two bedroom units priced from R369 900 to R469 900.
He says partnering with credible developers such as New Age Property Development Group enables them to play a critical role in ensuring quality developments that will assist in addressing South Africa’s housing backlog, particularly where demand far exceeds supply.
He says by providing funding for affordable housing developments, they continue to make it a reality for developers to engage in these projects. “We believe the rollout of further affordable housing will have a significantly positive impact on the socio-economic conditions of South Africa.”
The Watergate Estate development is situated on the corner of AZ Berman Drive and the R300 Freeway in Mitchells Plain. The site is located along one of the main arterial roads leading into the township.
In addition, construction of the R500 million public hospital complex, which is close to completion, is behind the site. The proposed service station site, Builders Warehouse and medical suite development will all add value to the development.
Anver Essop from New Age Developments says with all the developing taking place, there has been so much interest that the developer has signed a land availability agreement with a major fund to develop a shopping precinct to the value of R300 million, which includes medical facilities, an office park, a service station with a shopping centre which includes a major food retailer and line shops.
The shopping centre development will be the first retail centre which local residents will need to pass when entering Mitchells Plain from the R300 freeway – the main freeway linking this area to the N2 and N1 Freeways toward the Northern Suburbs of the Western Cape.
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