Gap-filler homes welcomed
Getting a stake in the affluent Umhlanga property market is now possible for lower income earners, thanks to a new property development, writes Agiza Hlongwane
IN A BREAK from the norm, a new “affordable” housing complex to be built on upmarket Umhlanga Ridge has been met with optimism.
Construction is due to start on Manhattan Mews, which will have 477 sectional title units situated on Meridian Drive, near a popular sports car dealership and about a fiveminute walk from the Gateway shopping centre.
According to the project funder, International Housing Solutions, the units will range from 31m2 to 55m2 and will cost between R400 000 and R780 000.
Equivalent accommodation in Umhlanga would cost more, said William Campbell of Sotheby’s Realty. “They are priced right and would definitely excite investors.”
The units will be launched in July, with the first phase expected to be ready for occupation within a year.
Deal originator Joel Rosen said the development was especially exciting since it would give those who wouldn’t otherwise be able to afford property in the area a chance to do so. The complex would have similar amenities to other, more expensive developments in the area, including swimming pool facilities which, Rosen said, was set to make the units an attractive option.
“As demand for affordable housing units continues to out- strip supply, we have no doubt that demand for this attractive development will be insatiable.”
In a statement, International Housing Solutions (IHS) said the project was aimed at households whose income was too high to qualify for public sector housing programmes, yet too low to afford most market rate housing.
“Typically, these households are earning between R3 500 and R15 000. IHS invests in development projects that aim to bridge the gap between supply and demand for housing in this market.”
The organisation said it worked with development partners – in this case Avoca Development – which had the reputation, organisational structures, track record and financial capacity to execute the proposed transactions and property types.
Although news of the project had been met with some criticism, particularly on the property website www.skyscrapercity.com, DA ward councillor Heinz de Boer welcomed it as something that was good for the area.
De Boer said, “I’ve looked at the diagram, looked at what’s been proposed. In my opinion it doesn’t differ much from other residential estates in the area. Sure, the flats will be a little bit smaller, but that’s fine.
“Whoever wants to purchase a flat like that is most welcome. It’s gap housing. We’re so, so short of gap housing in the Durban area. You have a choice between either a low-cost house or really bad house. Or you have to find between R900 000 and R1 million to get a good house.
“We have to face reality that we have a huge number of decent, hard-working people who can’t afford that kind of housing. So, there have to be alternatives. I have absolutely no hesitation. I think it’s going to be good for the area in terms of business, and it will certainly broaden the tax base in that area significantly.
“I really would advise people to involve themselves and get to know the project first before criticising.”
Campbell said he was impressed with the project.
“I think it’s actually pretty good. It’s going to be an ideal opportunity for a lot of people, especially from an investment point of view. And the timing of the market is actually correct. We have a huge database of buyers willing to spend up to R1m. So, as long as they stick to the high standards and the quality of finishes is nice, I think they’ll do very, very well. They’ll sell very quickly.”
Commenting on the complex on www.skyscraper.com user “romansa” said, “I can already hear the residents of those adjacent multi-million-rand mansions freaking out…”
On the same site “Lydon” said, “Nice density, but I can’t say I’m a fan of the design at all… I don’t expect affordable accommodation to be revolutionary in design, it doesn’t have to be ugly… There are myriad small changes that could be made… that wouldn’t break the bank and would result in them at least not aesthetically hampering the area.”