The development comprises a total of 522 residential stands and is being developed by the Cosmopolitan Group in two phases. Phase one, consisting of 270 stands, will be completed during February this year.
The average stand size is 250 square metres and house types range from 40m² to 70 m².All houses will be sold at prices below R500 000 with entry level houses selling at R370 000.
Located 25km from the Johannesburg CBD and with easy access and high visibility from the N3 highway via the Leondale Road and Barry Marais Road off ramps, the development is ideally suited to new affordable housing buyers. There are well established transport systems – road, rail and taxi hubs – as well as easy access to schools, shopping facilities, hospitals, clinics and other facilities.
A show house has been built where prospective buyers are given full details of specifications and can see a range of architecturally designed plans for the housing. Packages comprise a serviced stand and the top structure including all costs (professional fees, conveyancing and bond registration, council connections and approval fees). Optional extras such as garages and fully fitted kitchens are also available.
Adding value to the community and sustainability of the development, a large section of the development will remain as public open spaces. Nedbank and Cosmopolitan have appointed sustainability consultants to investigate ways to ensure these spaces are used to maximum effect. Possibilities include parks, a soccer field, a nursery and food gardens.
Manie Annandale, Head of Nedbank Corporate Property Finance’s Affordable Housing Development Unit says that consumers remain under pressure in terms of affordable housing, especially first time home owners, and as such it is important to deliver quality houses at affordable prices in this first time home owner range. “In providing funding to Cosmopolitan for this development, Nedbank Corporate Property Finance Affordable Housing continues its strategy to support developers with proven track record in good locations where there is demand for affordable housing and where infrastructure exists that will ensure speedy transformation from vacant land to top structure.”
Johann Vorster, Cosmopolitan Group’s marketing director says that the timing for Cosmopolitan Projects’ Mapleton Extension 12 Affordable Housing Project could not have been better now that banks are more willing and amenable to providing finance to end-users. “To address the housing back-log, major banks currently target income earners of below R15000 – and this development falls well within that threshold. We are delighted that Nedbank is helping us to ease the housing shortage and has shown its confidence in Cosmopolitan by providing funding for this development.”
Vosloorus is situated in Ekurhuleni, which is the country’s fourth largest municipality. Ekurhuleni’s population is fast approaching 3 million people and it has the largest industrial concentration in South Africa with 8000 industries and more than 5000 industrial support enterprises. The region boasts a bustling commercial sector and produces approximately 23% of the Gross Domestic Product in SA.
There is a strong demand for entry level affordable housing within a 20 to 40 km radius of major CBD’s and industrial areas in this region. The estimated shortfall for affordable housing in this node is 10 000 units, which increases by 10% per annum largely due to strong growth in middle income levels. Demand for affordable housing is particularly strong in the Vosloorus / Mapleton area.
Supply of new housing has been severely limited for the past five years due to major constraints including electricity supply, bulk services and access to development finance. Mapleton Ext 12 is the only area where housing below R400 000 is currently available on a sustainable roll-out.
Cosmopolitan Projects has been active in the greater Vosloorus, Katlehong and Tokoza area for over 15 years. The Company invests in sustainable development and community involvement.
