Nedbank Corporate Property Finance: Affordable Housing, has made R19-million available to the Safrich Group of companies towards a new housing project in Kaalfontein which will see the construction of 337 affordable residential units within easy reach of the new Midrand Gautrain Station.
The housing development is part of a project to upgrade Kaalfontein initiated by the City of Johannesburg, and the involvement of Nedbank further underlines the bank’s commitment to support government’s goal of integrated communities with decent housing and access to transport.
‘Housing for lower income earners is in short supply in the area, and this latest project is expected not only to assist people who want to live close to work, but also to boost the area in terms of retail traffic,’ says Manie Annandale, Nedbank Corporate Property Finance’s Head of Affordable Housing.
Kaalfontein forms part of the greater Midrand area on the northern periphery of the City of Johannesburg Metropolitan area and is close to Grand Central airport. Surrounding townships are Tembisa, Ivory Park, Glen Austen, Clayville, Birch Acres, President Park and Jukskei.
In terms of the City of Johannesburg Metropolitan Regional Spatial Development Framework (RSDF), Kaalfontein is part of an area known as ‘Greater Ivory Park’ and stands to benefit from the ‘Upgrading of Marginalised Areas Programmes’. This programme aims to provide viable and efficient socio-economic and engineering infrastructure within the marginalised, but formal townships of the City.
The development will not only enhance Kaalfontein as a suburb, but will also ensure that adequate infrastructure, including sewage, water and electricity are readily available.
The Kaalfontein project houses are expected to sell within the following price range:
·40m2 - R319K
·45m2 - R341K
·50m2 - R362K
·55m² - R382K
·56m² - three bedroom - R386K
·60m² - three bedroom - R401K
·65m² - R422K
‘Safrich’s credibility as an affordable housing developer has been proven through the construction of more than 20 000 lower income homes since 1987, mostly in areas like Sebokeng, Palm Springs, Mamelodi and Protea Glen, and we are confident of delivery of quality housing,’ concludes Annandale.