There is a dire shortage of housing in the affordable bracket in Cape Town (from R400 000 to R700 000), says Mike Maclachlan, project manager for the joint venture property development company, Silver Meadow Trading, and to begin addressing this shortage they are launching a new housing development, to be called Silver Meadows, in Rugby on the 16th and 17th of March this year.
Nedbank and ABSA are in full support of this scheme, said Maclachlan, and both banks have said they will grant 100% bonds to applicants who meet the banks’ lending criteria. Nedbank have suggested that applicants check their credit records to be sure that they are clear. This can be done via ITC or Experian and each person is entitled to one free credit profile check per year. It is always best, said Maclachlan, to be sure that your financial position is secure and your payment profile clean before you apply for a bond at any bank.
This new housing development is pitched at those who earn from R13 000 upwards, and will be a medium density project with 115 units on a 1 785ha site. There will be 16 one bedroom apartments, 76 two bedroom units, and 23 three bedroom semi-detached homes.
The scheme will be a mix of freehold and sectional title, said MacLachlan, and the freehold units will be sold as a complete package, with transfer only taking place once the house has been completed. This will act in the buyers’ favour as they will not be subject to any interest on the land or bond before handover.
The one bedroom apartments will have one bathroom and will range from 40m², at prices from R425 000 to R482 000. The two bedroom units will also have one bathroom, will measure from 48m² and will be priced from R532 000 to R583 000. These units will be in two and three storey walk-ups.
The three bedroom homes will have one bathroom and these will be priced from R668 000 to R740 000, he said.
“The fact that this is planned as a medium density housing development,” said Maclachlan, “already lends appeal to the project. Housing projects of this kind usually have a ratio of 100 units per hectare. The units here will be spaced out; there will be well landscaped green areas as well as a play park for children in the complex. Each unit has been allocated one parking bay, which is often an “extra” in many schemes.”
All the units in this development will have energy saving green elements such as heat pumps and energy efficient lighting.
The bathrooms, kitchens and living areas will have tiled floors and the bedrooms will be carpeted. Cupboards will be fitted in the bedrooms and kitchens, and the bathrooms and kitchens will have splash-back tiling.
The window frames are anodised aluminium, with thermal break framing, which will assist with the insulation of the unit, adding to its “greenness”, said Maclachlan. The wall of all the units at Silver Meadows will all be plastered and not bagged.
“The finishes on these units are slightly above average in this price range,” he said, “and those who buy here will have a quality home at a decent price.”
There will be generous planting of trees and grass, the security has been well thought out, with a guardhouse (the future HOA will decide whether to have a full time guard, but this option has been added so that it will be available if needed), fully electronically controlled gates, security fencing, and only two entrance and exit points: one in Max Street (which will be the main entrance) and the second off Hussar Street.
Silver Meadows is well sited for young families and new couples, said Maclachlan, in that it is right next to a well kept park. It is on the main Koeberg route and is one block from the IRT bus route to Otto du Plessis Drive. Century City is only 8km away and it is roughly 10 minutes drive to other major centres such as N1 City and Northgate Island and ± 15 minutes to the Cape Town CBD. Ysterplaat, Woodbridge and Milnerton schools are all close by.
“We expect the take-up here to be quick,” said Maclachlan, “because the homes here are well priced and the position of the development excellent. Hopefully, as this development rolls out and more affordable homes are created, we will see more projects of this kind coming on stream in the year ahead.”
For further information contact Colleen Lowe at 076 587 1542 or email email@example.com.