News

Next Phase Of Construction On Watergate Estate In Mitchells Plain Gets Go Ahead

The next phase of construction on Watergate Estate in Mitchells Plain in the Western Cape is set to go ahead following the announcement by Nedbank Affordable Housing Development Finance that it has approved further funding for this successful development, bringing to a total R180m that Nedbank has committed to Watergate.

The Watergate Estate development is situated on the corner of AZ Berman Drive and the R300 Freeway in Mitchell’s Plain

The Watergate Estate development is situated on the corner of AZ Berman Drive and the R300 Freeway in Mitchell’s Plain

The funding, to New Age Property Developments under the leadership of Anver Essop, is for Portion D of Watergate Estate, zoned for 232 single residential units, mostly 2 bedroom, priced from R369, 900 to R469,900 per unit. Nedbank Affordable Housing also previously provided financing for the Portion C and B of the development, which consist of 357 units.

New Age Property Developments launched the Watergate Estate development – the first privately funded affordable housing development in the Western Cape – as an anchor project for the Urban Renewal Program of the City of Cape during July 2009.
It is situated in an area in Mitchell’s Plain that has experienced much development recently with the upgrade of the Mandalay and Phillipi railway stations and the construction of a public hospital adjacent to the estate. Mitchell’s Plain is one of Cape Town’s and South Africa’s largest townships with a population of approximately 1 million and a spending power of over R100 million per month.

“Nedbank is committed to enabling access to development finance for developers with a track record in the affordable housing sector,” says Manie Annandale, Head of Affordable Housing at Nedbank Corporate Property Finance.

“Partnering with credible developers such as New Age Property Development Group enables us to play a critical role in ensuring quality developments that will assist in addressing South Africa’s housing backlog, particularly where demand far exceeds supply,” says Annandale.

“By providing funding for affordable housing developments, we continue to make it a reality for developers to engage in these projects. We believe the rollout of further affordable housing will have a significantly positive impact on the socio-economic conditions of South Africa.”

The Watergate Estate development is situated on the corner of AZ Berman Drive and the R300 Freeway in Mitchell’s Plain. The site is located along one of the main arterial roads leading into Mitchell’s Plain.

In addition, construction of the R500 million public hospital complex which is close to completion, is behind the site. The proposed service station site, Builders Warehouse and medical suite development will all add value to the development.

“With all the developing taking place, there has been so much interest that the developer has signed a land availability agreement with a major fund to develop a shopping precinct to the value of R 300 million which includes medical facilities, an office park, service station with a shopping centre which includes a major food retailer and line shops,” says Anver Essop of New Age Developments.

The shopping centre development will be the first retail centre which local residents will need to pass when entering Mitchell’s Plain from the R300 freeway – the main freeway linking this area to the N2 and N1 Freeways toward the Northern Suburbs of the Western Cape.

4 Comments

  • I am a Watergate resident and a first time buyer and I feel so cheated by everyone involved in this project, obviously pre Nedbank as I am one of the first buyers into the project.

    I thought it would be something good for us as a people, new families, young couples excited to move into this residential area but that bubble burst like 2 years in.

    My tiles are all broken, my paint peeling, house is cold, plugs all tilted, crazy sounding plumbing, no security (as promised), no land lines (as promised), no body corporate either so for the longest time I didn’t even have structural insurance (still baffles me because I thought you need that just to get a bond until I found out I have a building loan, NICE JOB GUYS) … I feel as if they just didn’t care, its Mitchell’s Plain right.

    If you are looking into buying into this read the fine print or just look elsewhere.

    As a person that didn’t want to leave Mitchell”s Plain (like everyone else) , someone that actually sees beauty in this corner our parents were forced into, I say don’t bother with Watergate.

    Hopefully the next phase is better but I don’t like seeing people cheated, especially by someone who should be sympathetic to the struggle of people in Cape Flats, I am disappointed.

  • HI THERE MY NAME IS
    THABANG I NEED A RENT TO BUY
    HOUSE BETWEEN 3000p/m TO 2500p/m
    MY NUM 060 619 2785

  • My name is Rashida. I have owned a bank house 12years ago and used my first time home owner subsidy. Got divorce with 3kids and now for the last 10years I moved about 6times with my kids.
    I am working and got a stable income but can not afford to take a bond on my salary. Will I be able to qualify for a government housing again. or should I just give up on ever owning a home.

Leave a Comment