Nedbank funds Mitchells Plain affordable housing development

Nedbank funds Mitchells Plain affordable housing development

Artist’s impression of Phase B and C of Westgate Estate soon to be built in Mitchells Plain.

Nedbank Corporate Property Finance: Affordable Housing is providing R56 million funding for the first two phases of an R800 million affordable housing development to be built in Mitchells Plain.

Watergate Estate is the anchor project of the City of Cape Town’s Urban Renewal Initiative and will be the first privately funded affordable housing development in the Western Cape.

When completed, the development will consist of 2 157 residences and is to be developed by the New Age Property (NAP) Group. Phases B and C, consisting of 357 mainly semi-detached two and three bedroom freehold single storey units, will be completed in June 2011.

Prices range from R299 900 for two-bedroom semi detached units to R409 900 for three-bedroom freestanding homes. The development will cater for the Gap market – families earning between R5 000 and R15 000 a month.

Watergate Estate is next to the R300, on AZ Berman Drive at the entrance to Mitchells Plain. The estate is within walking distance of two commuter railway stations – Mandalay and Philippi – and the future Mitchells Plain General Hospital.

Manie Annandale, head of Nedbank Corporate Property Finance’s affordable housing development unit says the affordable housing market remains under pressure to meet demand and it is vital to deliver quality houses at affordable prices in the Gap housing range.

“In providing funding to New Age Properties for this development, Nedbank Corporate Property Finance Affordable Housing continues its strategy to support developers with proven track records in good locations where there is demand for affordable housing – especially in the Western Cape, where demand far exceeds supply.”

NAP managing director, Anver Essop says the firm has been involved in a number of developments in the Western Cape. Residential developments include Vanguard Villas in Mitchells Plain, Santiago Bay in Muizenberg and Villa Rustica in Parklands. The company also developed the Beaufort West shopping mall and the Pavilion Centre in Parklands.

New Age Properties (NAP) was established in the mid 1990s and is acknowledged in the Western Cape as a provider of affordable housing in the region. Essop was chairman of the Parliamentary Committee on Trade and Industry from 1991 to 1995 and a member of the parliamentary committees on foreign affairs and labour relations from 1989 until 1995. After 1995, he became mayor of Beaufort West and served on the Western Cape Housing board until 2005.