Further funding enables Watergate Estate in Mitchells Plain to go ahead

Further funding enables Watergate Estate in Mitchells Plain to go ahead

Building is under way at Watergate Estate in Mitchells Plain, where funding has been provided for the next construction phase.

The next phase of construction is set to go ahead at Watergate Estate in Mitchells Plain in the Western Cape following Nedbank Affordable Housing Development Finance’s approval of further funding for this development.

Mitchells Plain is one of South Africa’s largest townships with a population of about one million and a spending power of over R100 million a month.

Watergate Estate is being developed by New Age Property Developments under the leadership of Anver Essop, and the development was launched in July 2009 as an anchor project for the City of Cape Town’s urban renewal programme. Watergate is in a part of Mitchells Plain that has experienced much development recently with the upgrade of the Mandalay and Philippi railway stations and the construction of a public hospital next to the estate. The estate is zoned for 232 single residential units, most of which will have two bedrooms and are priced from R369 900 to R469 900.

Nedbank has so far committed R180 million to Watergate Estate, and this further funding is for Portion D of Watergate Estate. Nedbank previously provided financing for Portion C and B of the development, which consist of 357 units.

“Nedbank is committed to enabling access to development finance for developers with a track record in providing affordable housing,” says Manie Annandale, head of affordable housing at Nedbank Corporate Property Finance.

“Partnering with credible developers enables us to play a critical role in ensuring good quality developments that will help to address South Africa’s housing backlog, particularly where demand far exceeds supply,” says Annandale.

“We believe the rollout of further affordable housing projects will have a significantly positive impact on the socio-economic conditions in the country.”

The Watergate Estate development is on the corner of AZ Berman Drive and the R300, along one of the main arterial roads leading into Mitchells Plain.

“Construction of the R500 million public hospital complex is nearing completion behind the estate. The proposed service station site, Builders Warehouse and medical suite development will all add value to the development,” says Essop

“With all the development taking place, there has been so much interest that a land availability agreement has been signed with a major fund to develop a R300 million shopping precinct, which will include medical facilities, an office park, a service station and a shopping centre that includes a major food retailer and line shops.

“The shopping centre development will be the first retail centre local residents will pass when entering Mitchells Plain from the R300, the main freeway linking this area to the N2 and N1 toward the northern suburbs.”

 

 

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