New housing developement in KZN

Nedbank Corporate Property Finance: Affordable Housing and PSE Developments launched an affordable housing development in Empangeni, KZN today.

The development, to be known as Imbali Village, comprises 153 free standing residential units and will form an extension of the established Ngwelezane suburb just outside Empangeni.

Ngwelezane falls in the Uthungulu District Municipality in the north eastern region of KZN, and is in close proximity to the light industrial and service area of Empangeni.

Stand sizes offered are relatively big, with the smallest stand size at 311m² and the biggest stand at 600m². Standard affordable housing stands usually measure between 150m² and 250m². All of the plots are free hold and will be built on a plot and plan basis with four plan options, ranging from a 50m² two bedroom home to a 97m² three bedroom home with the choice of an add-on garage for each option. Finished homes are priced from R295 000 to R395 000, therefore providing an entire development that falls within the FSC target market. The development targets individuals with a joint monthly income level of about R7000 to R15000 per month.

The development will be divided into three phases. Phase One was launched today and consists of 43 plots. The 62 units in Phase Two are expected to be launched in September 2010, while Phase Three will comprise 48 units and development is expected to commence in April 2011.

Manie Annandale, Head of Nedbank Corporate Property Finance's Affordable Housing Unit says that the project provides Nedbank with a long-awaited opportunity to enter the Northern KZN affordable housing development sector. "Demand for affordably priced housing in the area is strong due to land scarcity, high prices of new land and complicated and prolonged processes to get approval. Therefore we are delighted to be in a position to assist with providing affordable housing to the people of Ngwelezane."

PSE Developments is owned by Chris Scheepers and Ettienne Weyer and specialises in affordable housing developments in Kwazulu Natal. Previous projects include affordable housing developments in Birdswood, Zidedele Village and Esikhaweni. The company has its own NHBRC registered construction company called Mvuleni Construction Services, which it has appointed for the construction of the homes. Mvuleni Construction Services is a 50% BEE-owned construction company.

The affordable housing market has shown phenomenal growth over the last few years. A well built home in a well located area will, in time, appreciate in value, enabling owners to build equity and increase their personal wealth and buying power as well as their ability to scale up the property ladder.

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