Newly-listed Freedom Property Fund today announced it has launched several major projects, including two residential property developments. Freedom has a strong focus on residential property development held for lease and serving the increasingly attractive low- to mid-market segment.
In Burgersfort, Limpopo – South Africa’s fastest growing town, driven by mining – Freedom has started the development of the Tubatse Resident Estate, which will include a mix of 3,700 residential units with a variation of housing options and communal facilities.
Tyrone Govender, CEO of Freedom Property Fund, comments: “The mines estimate the need for housing in the area at around 20,000 units right now, and this demand spans the entire economic spectrum.”
The Tubatse Residential Estate is a natural extension of the town that will create a quality residential community comprising of around 2,000 full title units that average about 220 m2 and 1,700 sectional title units with the average size of 76 m2.
With the strong levels of demand in the town, Govender says The sectional title units, which form the first phase of the estate, are expected to be leased as they become available.
In Tshwane, Freedom is developing 90 residential units at Montana Residential – a medium-cost secure residential estate is adjacent to the Colonnade Shopping Centre and the Zambezi Country Estate. Govender says there is already a waiting list of tenants for these homes.
Freedom has started a strategic sale of 261 serviced residential stands in Miami Village, in St Helena Bay on the west coast.
Govender notes that Freedom will continue to optimise the development of their property portfolio and unlock value and new opportunities.
Image: Tyrone Govender CEO Freedom Property Fund
Read the full article here: http://constructionreviewonline.com/2014/08/08/freedom-property-fund-kicks-new-residential-developments/