Western seaboard development targets first time buyers

Western seaboard development targets first time buyers

Artist’s impression of Pioneer Valley, a new Western Seaboard development where homes are priced from R559 000.

Imvula Estates recently launched Pioneer Valley, an affordable housing development in the Rivergate precinct, next door to Parklands, Table View, Sunningdale and Blouberg.

With prices for two-bedroom homes starting from R559 900 including transfer costs, the developers aim to address the ever-increasing shortage of affordable residential property developments close to work, schools, transport nodes, shopping centres and other amenities.

Werner Jurgens, director of Imvula Estates, says: “Pioneer Valley has been designed to help qualifying first-time buyers onto the property ladder with the assistance of the FLISP (Financed Linked Individual Subsidy Programme) home-loan subsidy, provided by Government.

“The subsidy is paid to the bank or financial institution on approval of a home loan and will reduce monthly loan instalments, making it more affordable. The subsidy amount ranges between R27 960 and R121 626, depending on the joint household income of the applicants, with a maximum allowable monthly income of R22 000.”

Pioneer Valley will provide first-time home buyers with the opportunity to buy instead of rent in a developing part of Cape Town’s Western Seaboard, which will include more housing developments over the next five to 10 years.

Wynand Ferreira, also a director of Imvula Estates, says Pioneer Valley backs onto the Table Bay Nature Reserve and will have views of Table Mountain.

The first phase of 208 properties will include four house types, providing single- and double-storey two-bedroom homes, with a further two phases planned. In addition, this development includes centrally located communal landscaped parks where children can play as well as a local community facility.

Finishes will include cavity walls, aluminium window frames, floor tiles, kitchens with cupboards, ovens and hobs and built-in main bedroom cupboards. Boundary walls and security gates will be standard features in all homes.

Jurgens says there is a desperate need for affordable housing in Cape Town. “Housing plays a vital part in improving the social and economic welfare of society. It’s Imvula’s mission to create opportunities for first-time home buyers in the affordable housing market by utilising all available government housing subsidies to assist them.”

Ferreira says Pioneer Valley next to the Curro Academy Sandown, a few minutes’ walk from the MyCiTi bus stop, close to the West Coast Village Mall, Virgin Active Sunningdale, Netcare Blaauwberg Hospital, as well as the N7 and R27 arterial roads. It is also close to the established Killarney Gardens and newly developed Rivergate and Atlantic Hills industrial parks.

Imvula Estates will undertake the development in partnership with Milnerton Estates, which has a proven track record of more than 100 years in property development, more recently credited with Sandown, Parklands North and the newly established Rivergate precinct. This area straddles Sandown Road, and permits the development of multi-storey buildings for office and retail use, including shops, supermarkets, financial institutions, showrooms, cafés and restaurants.

Civil infrastructure for phase one of Pioneer Valley has been completed, and construction of the houses is expected to start in August. Once completed, it will consist of 536 homes.

Visit www.pioneervalley.co.za.