Engineering News – a R625-million investment by Futuregrowth Asset Management will see over 20,000 Gauteng families become first-time homeowners, enabling them to secure a firm foothold in the residential property market.
The company has invested in major housing projects being developed by the Cosmopolitan Group, with the funding being used for the installation of internal and external bulk services, ranging from the provision of water and sanitation, to electricity and roads, prior to the proclamation of council-approved stands that will be developed with new houses for sale into the market. Lower- to middle-income housing company Cosmopolitan sells houses priced from R400 000, with packages tailored for families earning between R10 500 and R30 000 a month.
“This is a major investment in a market where, while there is huge demand and a strong social need, many developers have failed owing to problems with financing and because margins are so tight.”
Cosmopolitan plans to roll out 30 000 homes over the next eight to ten years, with the largest development near Alberton, south of Johannesburg, where 15 300 residential and high-density housing units are planned in a 740-ha area. Known as Watervalspruit, the project will be launched in early 2017 and plans a regional shopping centre, 16 educational facilities, including an independent school, and 17 social nodes for community facilities.
Services are also being installed at projects in Alberton, Protea Glen and Windmill Park. Cosmopolitan is also developing projects in Savana City, Stretford and Evaton, and is planning 4 700 homes and various amenities on land formerly occupied by the Lion Park, north of Johannesburg.
