Soshanguve East Ext 6 is located north of the Rosslyn industrial area, within the municipal boundaries of the City of Tshwane.
It forms part of 850 hectares of land which will ultimately create a development known as Thorntree View. The eventual total development will become one of the single largest developments of its kind in Gauteng. The establishment of at least 31 000 housing units will be complemented by the development of social and economic amenities, enabling the community to interact effectively with one another. Spoornet has already added a train station to their line to cater for this development, and two schools and a regional recreation park have been constructed and are operational.
The Soshanguve Ext 6 portion of the development, which is being funded by Nedbank, will offer affordable bonded housing to families in the upper ranges of the Financial Services Charter income range, earning from R7 000 per month. The 775 plots will be fully serviced and range in size from 250 – 380 m².
Installation of engineering services commenced in July 2008 and it is expected that the construction of the homes will commence in January 2009 and be completed by January 2010. The marketing of homes to prospective buyers through various top-structure developers has commenced with stand prices for the first phase fixed at R114,000.00 and package prices ranging from R250,000.00 up-wards.
Says Manie Annandale: Head of Affordable Housing in Nedbank Corporate’s Property Finance division, “Safrich has a sound track record in the delivery of Affordable Housing developments and this relationship demonstrates Nedbank’s commitment to creating affordable housing stock by providing innovative development finance to reputable and credible developers. We are proud to be playing a meaningful role in building sustainable communities and making a tangible contribution towards the economic viability and resuscitation of previously under-serviced areas.”
Says Jeff Lawrence, head of Nedbank Retail’s Affordable Housing Home Loans division, “Nedbank Home Loans, in close collaboration with Safrich, will be providing finance to successful home buyers. Affordability continues to be an issue for the market, particularly given high interest rates and escalating construction costs. Every effort has been made to keep the selling price of the homes realistic and buyers will be offered home loan options that address this issue. For example, by extending the loan over a longer term, which may be up to 30 years, there will be a reduction in the monthly instalment. Clients will also be offered a range of different term fixed interest rates should they not want to take the budget risk of interest rates increasing.”
