A new development, Applewood Gardens in Port Elizabeth, with freehold homes priced between R495k and R510k is reportedly sold out as buyers snapped up homes when it was launched.
Applewood Gardens will consist of 29 freehold homes, each with two bedrooms, one bathroom and a single garage measuring 55 square metres.
Construction began in August with completion scheduled for February 2013.
Shield Homes, developers of Applewood Gardens located in the Nelson Mandela Bay Municipality, was granted a loan of approximately R12 million by Nedbank Corporate Property Finance.
Click here to view the development.
Applewood Gardens will consist of 29 freehold homes, each with two bedrooms, one bathroom and a single garage measuring 55 square metres.
The complex will be fully secured with access by remote control only.
Manie Annandale, head of Affordable Housing at Nedbank Corporate Property Finance, explains that Shield Homes developers meet the bank’s stringent standards, ensuring quality homes for this sector.
According to Annandale, Applewood Gardens is situated close to critical infrastructure such as schools, local shopping centres and major traffic routes.
“This further illustrates Nedbank’s commitment to building more than just a physical structure for this sector in the property market,” says Annandale.
The professional team – backed by Shield Homes who have vast experience in the property market and specialise in the affordable housing sector - consists of structural and civil engineers as well as a land and quantity surveyor and a team of architects.
Nedbank finances developments in the affordable housing sector throughout South Africa and is committed to help meet housing delivery in the country through the use of credible developers and tailor-made financial solutions, adds Annandale.