Nedbank invests in R2bn affordable housing project
Nedbank, in partnership with property developer SafDev Tanganani, will soon build about 12000 affordable houses worth more than R2billion in Diepsloot, near Fourways.
The 237 hectare mixed use development to be known as Tanganani, will be funded by Nedbank through its corporate property finance: Affordable Housing.
Nedbank's Affordable Housing will hold a 25,1percent stake in the housing project while the developer, SafDev Holdings, will acquire a 15percent investment. The balance will be held by other companies that have invested in the project.
The housing project will cater for the poorest of the poor including money-linked affordable housing.
Depending on the approval, the housing development will include a medical clinic, a sub-regional and community shopping centre, as well as a number of schools.
But a large proportion of the development will remain as public open space, according to Manie Annandale, head of Nedbank's Affordable Housing.
The housing development, anticipated to be complete by 2014, will be situated south of the William Nicol-Krugersdorp highway (N14) intersection, about 6,5kilometres north of Fourways.
Annandale said that Nedbank was especially proud to contribute towards saving carbon emissions, the cost of which will be recoverable with payment from home owners.
The bank was also delighted to contribute positively towards reducing the shortage of housing in South Africa, particularly in the affordable and lower end of the market.