Only two units left at "The Curzon"

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First National Bank to date has established deals for an estimated 30 000 residential units to cater for the affordable housing market stock in South Africa. FNB’s long-term target is to facilitate over 120 000 residential units developments in South Africa to cater for the growing demand for property in the affordable housing market. FNB has consistently been a keen supporter of the private public partnership possibilities between the bank and the National Department of Housing led by the honourable Minister Lindiwe Sisulu. The bank has recognised the age old wisdom of property ownership being one of the crucial elements of wealth creation. Until the past half-decade, the affordable housing market had not been adequately catered for by major and small financial services sector role players. FNB’s involvements in affordable housing initiatives have resulted in the launch of several innovative home loan products that make it easier for buyers to qualify for housing finance. These include plans that allow potential buyers to pay affordable fixed bond instalments over a longer period. Following its partnership with NDoH, FNB has implemented no less than five affordable housing developments countrywide to provide credit linked housing stock. As one of the original signatories of the Financial Sector Charter (FSC); the bank has provided residential stock for the affordable housing market including projects such as Joe Slovo Vision Village and Delft (all located in Cape Town); Evaton West (South of Johannesburg); Windmill Park (Boksburg); Glen Ridge (Soweto); and Cosmo City (North of Johannesburg). The most recent undertaking by FNB is the Cape Town Housing Ministry Project N2 Gateway Joe Slovo Project, in which FNB has built 43 units to test its new Vision Village concept, which constitutes one of the most innovative affordable housing market developments to date. FNB Housing Finance CEO Marius Marais says the involvement of private sector players like FNB is vital if South Africa is to find ways to accelerate affordable housing stock delivery. “The housing problems facing South Africa require bold and imaginative solutions. We still have much to deliver in terms of housing development and urge beneficiaries to focus on creating their own wealth by becoming property owners,” Marais says. The N2 Gateway Joe Slovo Vision Village unit sizes range from 41m2 to 115m2. The Vision Village units overlook a communal central court yard. Some of the units also allow for future property extensions as the homeowners’ future earnings/affordability improves. The Vision Village’s distinctive feature is its affordable pricing that caters for lower income to higher income homeowners. The units are priced from R315 000 to R600 000. In addition, FNB is also involved in the development of 1 333 units in Delft Symphony which was also unveiled this week. This project too, is aimed at the affordable market with the entry price of R250 000 per unit.

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