Affordable housing scheme gets Nedbank support

The development, to be known as Coral Heights, will comprise of 114 apartments and 42 garages in six blocks.

Coral Heights will be part of a larger housing development called Melkbosch Village, which will include a mix of affordable housing, sectional title apartments, subsidized housing and upmarket plot and plan homes.

The project will offer 44 two bedroom ground floor apartments selling at R479 900, 44 two bedroom first floor apartments that will sell for R349 900 and 32 two bedroom second floor apartments selling for R399 900. The floor size of each unit measures approximately 55m² and all prices include VAT and transfer costs.

Construction has commenced and is due to be completed by March 2011.

Melkbosch Village is located on the corner of West Coast and Melkbosstrand Roads in Melkbosstrand and comprises of seven precincts within the village, developed in two phases. Phase one, which is now complete, involved installing services and infrastructure for the entire development, as well as the construction of two upmarket plot and plan precincts and one upmarket apartment block in a sectional title scheme known as Manatoka Heights.

Richard Thomas, divisional executive of the Cape Division of Nedbank Corporate Property Finance said that the bank funded this development because of the calibre and reputation of the developer. “Asrin is well known to the bank and has a hands-on management ethic. They adopt a conservative approach to developments and mitigate risk by pre-selling stock ahead of construction. Another factor that made the development attractive is the huge demand for affordable housing on the West Coast – something that Asrin will help address with this development.”

Manie Annandale, Head of Nedbank Corporate Property Finance’s Affordable Housing Development Unit said that this regional initiative by Nedbank Corporate Property Finance bodes well for strengthening the bank’s reach into the Affordable Housing market. “Consumers are still under pressure when it comes to proving affordability for the various home loan products offered by the banks, which means that these homes in the lower price range of the market will provide a welcome alternative to prospective buyers.”

Coral Heights will be developed by Asrin Property Developers, one of Cape Town’s leading black empowered property developers. Recent landmark developments completed by Asrin include “The Gem” Eden on the Bay, a R500 million mixed-use residential, offices and retail development in Bloubergstrand completed earlier this year.

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