R20bn development to start in 2018
The developers behind the large-scale mixed-use residential development, the “holistic” R20-billion Coega Ridge housing estate, outside Port Elizabeth, in the Eastern Cape, have confirmed that the project remains on track to break ground in 2018 and will likely slash Nelson Mandela Bay’s housing backlog of 87 000 units by providing over 40 000 mixed-income housing units.
Property group Nu-Way Housing Developments executive director Jordan Mann outlined at the Eastern Cape Construction Summit, in Port Elizabeth, last month that the ambitious project, which had the backing of the Coega Development Corporation, would “substantially” dent the metropolitan’s housing shortage.
Moreover, as the Coega Industrial Development Zone (IDZ) attracts more and more top industries, we will [continue to] build housing in response to increased demand from all tenure groups,” he commented. Coega Ridge would offer community facilities, schools, a university, a technical college, a hospital, neighbourhood shopping centres and a regional shopping centre spanning up to 110 000 m².
Also included in the development would be a light industrial area, a railway station, office parks and a sports academy. An upmarket eco-estate with a golf course and a hotel were also in the pipeline, added Mann.
Source : Exerts from Engineering News 21/04/2015