Cape Town urban property developers, Blok, recently announced their latest product – Blok Raw, aimed at introducing a new range of urban homes in a new price band and new locations within Cape Town’s growing urban centre.
Blok has selected FORTY ON L, located on Lion Street in the Bo Kaap, as the development in which to not only unveil the new Blok Raw product, but also a new development model that they wish to pilot.
Dubbed the 80:20 model, it is built upon extensive local and international research and looks to adapt the current model to allow developers to deliver a more diverse mix of housing in well-located urban areas. The model exemplifies inclusionary housing which are homes supplied by the private sector to a market that would not have had access to the development nor the area within which the development takes place.
This approach depends upon unlocking potential bulk on existing sites earmarked for development, which in this case, will add 20% more apartments to the original scheme that will be sold at a more affordable price through an audited, open draw system.
This is because the sale of the apartments in the originally planned-for scheme, accounting for 80% of the total number of units, are to be sold on the open market at market-related values to subsidise the land, finance and planning costs of this 20%.
To ensure that the strategy behind this new model is tested, part of this process is to engage with the City of Cape Town, architects, town planners, social housing specialists, the community and community leaders to clearly ascertain issues and needs.
Community workshops, called Urban Working Groups (UWGs), have been held, yielding a wide variety of insights which will be incorporated into the ongoing and organic strategy behind 80:20.
Jacques van Embden, MD of Blok, says: “We are excited to be launching a first for Blok that responds to needs that are very real in today’s market – the lack of inclusionary urban housing for a more diverse set of income ranges in well-located areas. As developers, we recognise that we have a role to play in contributing towards a more integrated, diversified and sustainable development trajectory.”
The success of the model will be subject to the City’s approval, which will also dictate Blok’s next steps.
More information on the 80:20 model can be found at http://www.blok.co.za/80-20