Richards Bay is one of South Africa’s fastest developing cities, with the country’s second biggest harbour and largest coal export facility in the southern hemisphere, stimulating rapid industrial and commercial expansion and in turn driving urban development.
This growth has spurred on urban development, leading to an increase in demand for affordable residential housing along the North Coast.
In recognising this need, Mahrick Investments CC, will develop sectional title apartments to be known as 95th On Manhattan.
The construction of the development is being undertaken by Met Builders, whilst the sales and any management of rentals will be undertaken through the BMA Group.
“BMA’s expertise in insurance, estate agency and property development, have provided them with unique insights into the specific housing requirements of the entry level to middle income market,” says Manie Annandale, Nedbank CIB Head of Affordable Housing Development Finance.
“The Group has already successfully developed 73 affordable housing residential flats in the Richards Bay CBD – all of which have been sold and transferred.”
95th On Manhattan will include 90 sectional title apartments, comprising one unit type measuring 55m2 and featuring two bedrooms, one bathroom and open plan lounge/kitchen area. Each unit will be marketed at ZAR599 000. Structured in 3-story walk-up residential blocks, Annandale notes, “this design feature has gained popularity as it allows for the densification of available land and therefore economical construction with minimised future maintenance costs.”
Located on 95 Via Cassiandra Road, Arboretum, which is adjacent to the Richards Bay CBD, the development is well-positioned near to schools, hospitals, and shopping centres. It is easily accessible to services and a well-defined transport network that connects the area with the rest of the town.
“Affordable home ownership plays a pivotal role in the economy, and we recognised a big shortage of residential stock in sought-after areas of the North Coast. We approached Nedbank for financing because of their focus on affordable housing development finance, and are pleased with the process to make home ownership a reality,” says Francois Louw, Mahrick Investments CC.
“At NCIB we strive to provide financial solutions to not only realise development, but the building of communities,” Annandale explains, “our partnerships with credible, experienced developers with proven track-records allow us to play our part in delivering quality affordable housing projects to the market”.
95th On Manhattan, constructed over a 14-month period, is due for completion on 30 June 2016.