08 Jun 2012
Nedbank Corporate Property Finance Affordable Housing is funding the Cape Town based Golden Oaks development to the value of almost R20 million.
The facility granted to Glomix House Brokers CC is to be used for the development of 91 affordable sectional title units popularly known as Golden Oaks, situated in Blue Downs, Kuils River in Cape Town.
According to Manie Annandale, head of Affordable Housing at Nedbank Corporate Property Finance, the funding will assist in the construction of Phase 1 of the development, which will consist of over 90 sectional title apartments, mostly two bedroom units.
Annandale says the units measuring about 57 square metres will be sold at an average selling price of R337 200 each including VAT.
The development will also provide ample on-site parking, communal facilities and perimeter security.
Golden Oaks development is situated in an existing residential area in the heart of Blue Downs.
The development is within a two kilometre radius from various schools, Blue Downs Clinic, bus and taxi stops (adjacent to the development), shopping centre, various medical facilities, sports and community facilities.
There is easy access onto the R300 Freeway via Hindle Road.
“Nedbank Affordable Housing prides itself in partnering with credible developers such as Glomix House Brokers CC.
Such partnerships play a critical role in ensuring quality developments that will assist to address South Africa’s housing backlog,” says Annandale.
Mario Fisher of Glomix House Brokers CC, says, they are pleased to be making a tangible difference in the community of Cape Town by delivering housing that meets the needs of society.
Glomix will cover the purchaser transfer and bond costs.
The pricing of the units and the development will yield 235 units in total, which will be completed in phases.
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