The next phase of construction on Watergate Estate in Mitchells Plain in the Western Cape is set to go ahead following the announcement by Nedbank Affordable Housing Development Finance that it has approved further funding for this successful development, bringing to a total ZAR180 million that Nedbank has committed to Watergate.
The funding, to New Age Property Developments under the leadership of Anver Essop, is for Portion D of Watergate Estate, zoned for 232 single residential units, mostly 2 bedroom, priced from ZAR369 900 to ZAR469 900 per unit.
Nedbank Affordable Housing also previously provided financing for the Portion C and B of the development, which consist of 357 units.
New Age Property Developments launched the Watergate Estate development – the first privately funded affordable housing development in the Western Cape – as an anchor project for the Urban Renewal Program of the City of Cape during July 2009.
It is situated in an area in Mitchell’s Plain that has experienced much development recently with the upgrade of the Mandalay and Phillipi railway stations and the construction of a public hospital adjacent to the estate.
Mitchell’s Plain is one of Cape Town’s and South Africa’s largest townships with a population of approximately one million and a spending power of over ZAR100 million per month.
“Nedbank is committed to enabling access to development finance for developers with a track record in the affordable housing sector,” says Manie Annandale, Head of Affordable Housing at Nedbank Corporate Property Finance.
“Partnering with credible developers such as New Age Property Development Group enables us to play a critical role in ensuring quality developments that will assist in addressing South Africa’s housing backlog, particularly where demand far exceeds supply,” says Annandale.
“By providing funding for affordable housing developments, we continue to make it a reality for developers to engage in these projects. We believe the rollout of further affordable housing will have a significantly positive impact on the socio-economic conditions of South Africa.”
The Watergate Estate development is situated on the corner of AZ Berman Drive and the ZAR300 Freeway in Mitchell’s Plain. The site is located along one of the main arterial roads leading into Mitchell’s Plain.
In addition, construction of the ZAR500 million public hospital complex which is close to completion, is behind the site. The proposed service station site, Builders Warehouse and medical suite development will all add value to the development.
“With all the developing 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 value of ZAR300 million which includes medical facilities, an office park, service station with a shopping centre which includes a major food retailer and line shops,” says Anver Essop, New Age Developments.
The shopping centre development will be the first retail centre which local residents will need to pass when entering Mitchell’s Plain from the ZAR300 freeway, the main freeway linking this area to the N2 and N1 Freeways toward the Northern Suburbs of the Western Cape.