Nedbank and New Age Property Developers eye Mitchell's Plain upliftment
Nedbank Affordable Housing Development Finance has committed R180-million for the construction of the next phase of the Watergate Estate in Mitchell's Plain in the Western Cape.
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Nedbank Affordable Housing Development Finance has committed R180-million for the construction of the next phase of the Watergate Estate in Mitchell's Plain in the Western Cape.
The funding was handed to New Age Property Developments which is led by Anver Essop. The construction is for portion D of the Watergate Estate's zoned single residential units that consists mainly of two-bedroomed units whose market prices range from R369,900 to R469,900 a unit.
This is not the first time that Nedbank Affordable Housing Development Finance gave financial support to a project like this. It previously funded the construction of portions C and B of the Watergate Estate that consisted of 357 units.
In line with spearheading the Urban Renewal Program of the City of Cape Town that started in 2009, New Age Property Developments launched the Watergate Estate Development as the first privately funded housing project in the Western Cape.
The Watergate Estate Development is situated in Mitchell's Plain, an area that has of late seen much development following the upgrading of the Mandalay and Phillipi railway stations and the building of a public hospital next to the estate.
Mitchell's Plain is one of Cape Town's and the couture's largest townships boasting a spending power of an estimated R100-million on a monthly basis. It is also one of the South Africa's most populated areas with an approximate population of one million.
Manie Annandale, head of Affordable Housing at Nedbank Corporate Property Finance said at the announcement that they were elated with the joining of forces with New Age Property Development Group for the project.
"As Nedbank we are committed to enabling access to development access for developers with a very good track record in the affordable housing sector like New Age Property," said Annandale.
"Partnering with New Age Development Group will help us play a very important role in creating and ensuring the creation of quality developments that will help to address the country's housing backlog, especially in areas where demand far exceeds supply," added Annandale.
Nedbank Affordable Housing Development Finance believes that by making funding available for affordable housing developments it continues to help some developers realize their aims of pioneering these projects.
"We believe the rollout of further affordable housing will have a significant positive impact on the socio-economic conditions of this country," concluded Annandale.
The Watergate Estate development is located at the intersections of AZ Berman Drive and the R300 Freeway in Mitchell's Plain.
Meanwhile, the construction of a public hospital at a cost of R500-million is behind the Estate. There will be added features with the proposed construction of a service station site, Builders Warehouse and a medical suite development, all of which will bring an add value to the development.
An equally happy Essop said all the developments will add value to the Watergate Estate.
"With all the development 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 tune of R300 million which includes medical facilities, an office park and a whole lot like a shopping centre which boasts a major food retailer and line shops," said Essop.
The shopping centre development will be the first retail centre which local residents will need to pass when entering Mitchell’s 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.
