Pretoria – A public-private partnership between Absa and Government saw the launch today of a R400 million housing development project at Olievenhoutbosch.

Olievenhoutbosch Extension 36, southwest of Centurion, will consist of 5 480 housing units, made up of 3 049 subsidised, 1 168 bonded, and 1 263 rental units build on 180 hectares of land. 

Housing Minister Lindiwe Sisulu commended Absa for their contribution and assured them that the R400 million would go a long way in achieving people’s dreams of owning a place they could call home.

She said the development supported the Financial Sector Charter for the delivery of housing to low income groups in the country and was based on national housing guidelines governing sustainable integrated developments.

At least 1.9 million people in South Africa are still living in shacks, the minister said.  

“But if we work together we can turn things around and meet our deadline of eradicating informal settlement by 2014.

“We welcome this partnership with Absa in the spirit of our social contract for Rapid Housing Delivery. This project will provide decent homes for many low-income people and the poor. 

“We will build on this partnership until all informal settlements are eradicated by 2014,” said Ms Sisulu. 

She said part of the land would be used for the development of 17 business sites, three schools, two clinics, ten churches and a public open space.

Absa Group Chief Executive Steve Booysen said Olievenhoutbosch was the first in a series of projects Absa would be involved in with government and other important role players to help address the housing backlog in the country.

“We aim to provide 100 000 new stands for low-income and subsidised housing with a goal of a minimum of one project per province by 2008,” he said. 

Mr Booysen reiterated Finance Minister Trevor Manuel’s announcement last week that in future there would be no transfer duty on properties with a value under R500 000.

“This will bring the dream of owning a home much closer.”