Mandalay affordable housing boost

New complex offers better option than renting pitfalls

MSP DEVELOPMENTS and social housing non-profit comp a ny Communicare have teamed up to develop an affordable housing complex in Mandalay.

Montclair will consist of 405 t wo- and t hree- bedroomed houses near the Mandalay station, the new Mitchells Plain District Hospital, Lentegeur Hospital and a shopping centre that is under construction, all close to the R300 and N2 as well as to AZ Berman Drive and Lansdowne Road.

MSP Group chief executive Riaan Roos says Montclair will provide affordable accommodation in a well-located area close to public transport, health and social amenities, and educational facilities.

“The homes at Montclair are designed to be affordable, safe and enjoyable for families that want to own their homes. They will allow buyers to leave behind the pitfalls of renting and bring their families to a place where they can settle in comfort.”

The two-bedroomed homes are priced from R469 000 and the three- bedroomed homes from R519 000. Roos says the homes offer useful extras not usually found in this price range.

The own title, single residential properties will have fit- ted kitchen cupboards, ovens and hobs, solar geysers, and burglar-proofing on windows.

There are five styles to choose from, priced as follows: type one – 42m² with two bedrooms at R469 000; type two – 45m ² with two bedrooms at R475 000; type three – 50m² with two bedrooms at R499 000; type four – 55m² with three bedrooms at R519 000; and type five – 60m² with three bedrooms at R539 000.

“A R3 000 deposit secures and there are no hidden costs. The price includes VAT (transfer duty), transfer and bond registration costs,” says Roos.

“For the R469 000 homes the household income requirement is R13 570 a month, and monthly installments would be R4 071. On the R475 000 homes, the household income required is R13 744 and monthly installments would be R4 123.

“On the R499 000 homes, the household income required is R14 438 and installments would be R4 332. On the R509 000 homes, the household income requirement is R15 017 and the installment would be R4 505. And on the R539 000 homes, the household income requirement is R15 596 and installments would be R4 679 a month.

“All calculations are at the prime interest rate of 8.5 percent over 20 years.”

DIFFERENT STYLES: Artist’s impression of a two-bedroomed home in Montclair, MSP Developments and Communicare’s new development in Mandalay.