An affordable housing development worth in excess of R200m will be built in Mapleton near Vosloorus in Gauteng.
The development comprises a total of 522 residential stands and is being developed by the Cosmopolitan Group in two phases. Phase one, consisting of 270 stands, will be completed during February this year.
The average stand size is 250sqm and house types range from 40sqm to 70sqm. All houses will be sold at prices below R500k with entry-level houses selling at R370k.
The development will be located 25km from the Johannesburg CBD and with easy access and high visibility from the N3 highway via the Leondale Road and Barry Marais Road off-ramps.
A show house has been built where prospective buyers are given full details of specifications and can see a range of architecturally designed plans for the housing. Packages comprise a serviced stand and the top structure including all costs (professional fees, conveyancing and bond registration, council connections and approval fees).
Optional extras such as garages and fully fitted kitchens are also available.
Adding value to the community and sustainability of the development, a large section of the development will remain as public open spaces. Nedbank and Cosmopolitan have appointed sustainability consultants to investigate ways to ensure these spaces are used to maximum effect. Possibilities include parks, a soccer field, a nursery and food gardens.
Manie Annandale, head of Nedbank Corporate Property Finance’s Affordable Housing Development Unit, says consumers remain under pressure in terms of affordable housing, especially first-time homeowners, and as such it is important to deliver quality houses at affordable prices in this first-time homeowner range.
“Nedbank Corporate Property Finance Affordable Housing continues its strategy to support developers with proven track record in good locations where there is demand for affordable housing and where infrastructure exists that will ensure speedy transformation from vacant land to top structure.”
Vosloorus is situated in Ekurhuleni, which is the country’s fourth largest municipality. Ekurhuleni’s population is fast approaching 3m people and it has the largest industrial concentration in South Africa with 8,000 industries and more than 5,000 industrial support enterprises. The region boasts a bustling commercial sector and produces approximately 23% of the Gross Domestic Product (GDP) in SA.
There is a strong demand for entry-level affordable housing within a 20 to 40 km radius of major CBDs and industrial areas in this region. The estimated shortfall for affordable housing in this node is 10,000 units, which increases by 10% per annum largely due to strong growth in middle-income levels.
Demand for affordable housing is particularly strong in the Vosloorus/Mapleton area.
Supply of new housing has been severely limited for the past five years due to major constraints including electricity supply, bulk services and access to development finance. Mapleton Ext 12 is the only area where housing below R400k is currently available on a sustainable roll-out.
Cosmopolitan Projects has been active in the greater Vosloorus, Katlehong and Tokoza area for over 15 years. The Company invests in sustainable development and community involvement.
For more information contact Johann Vorster on 011 553 6600 or send an email. Click here to visit the website.
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I have an idea : why not utilize the lotto fund , which have in excess of 1 Billion R on hand . Make use of inhabitants to assist the developers (preferably on contract to oversee the development ) no one must be enriched but only reimbursed for his or her skills input ...there are many skilled labor in these small settlements that can assist with all aspects of the building ...employ them and do not sell the house ...give it to the family on condition that they pay own water / lights . Once someone has a nice home , he will uplift himself since shelter and food is the most basic needs of a human ( apart from sex ) The lotto fund is wasted on trivial issues and can rather be used every month in various areas for housing in our country . The scale will be small but it will work. – Anonymous
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