DEVELOPERS behind what aims to be South Africa’s largest mixed-use residential development, the multi-billion rand Coega Ridge holistic housing estate between Motherwell and Coega, outside Port Elizabeth, say they have made strides in making the mammoth project a reality.
Coega Ridge follows other large residential developments which have come under way in the past few years, including listed property group Attacq’s Waterfall Estate and insurance mogul Douw Steyn’s Steyn City.
Many listed property funds and unlisted property companies have been showing an interest in residential property as a vocation in SA. There is tremendous demand for housing of many varieties in SA. A number of listed property funds are investing in student accommodation, business hub accommodation and affordable housing.
Nu-Way Housing Developments’ executive director Jordan Mann said on Thursday the Coega Ridge project was on track to break ground in 2018 and had the backing of the Coega Development Corporation.
“This project will alleviate Nelson Mandela Bay’s housing backlog of 87,000 units by almost half, through the construction of 40,000 housing units. Not only will Coega Ridge help substantially dent the metro’s housing shortage, but as the Coega IDZ (Industrial Development Zone) attracts more and more top industries, we will build the housing they will need, as our project caters for all tenure groups,” he said.
Mr Mann said up to 5,000 jobs per month would be created during the construction phase, which was on track to start in 2018, and that the entire housing component of the project had a capital expenditure value of R20bn.
The project is earmarked for 3,200 hectares of land along the R335 to Addo. Nu-Way Housing Developments was in August last year given the green light by the provincial department of economic development, environmental affairs and tourism to proceed with town planning for the project.
Coega Ridge would also include community facilities in addition to schools, a university, a technical college, a hospital, neighbourhood shopping centres and a regional shopping centre spanning up to 110,000m², according to Mr Mann.