Imvula Estates recently launched Pioneer Valley, an affordable housing development within the Rivergate precinct, which is situated adjacent to the Parklands, Tableview, Sunningdale and Blouberg suburbs.
With prices for a two-bedroomed home starting from around R560 000, the developers aim to address the ever-increasing shortage of affordable residential property developments close to work, schools, transport nodes, shopping centres and other amenities.
According to Werner Jurgens, director of Imvula Estates, “Pioneer Valley has been designed to help qualifying first-time buyers onto the property ladder with the assistance of the FLISP (Financed Linked Individual Subsidy Programme) home-loan subsidy, provided by government.” In short, the FLISP programme is a housing subsidy for qualifying first-time home buyers. Jurgens says, “The subsidy is paid to your bank or financial institution on approval of your home loan and will reduce your monthly loan instalments, making it more affordable. The subsidy amount ranges between R27 960 and R121 626, depending on the joint household income of the applicant, with a maximum allowable monthly income of R22 000.”
Pioneer Valley will provide first-time home buyers with the opportunity to buy instead of rent in a developing part of Cape Town’s Western Seaboard, which will include more housing developments over the next five to ten years. Wynand Ferreira, also a director of Imvula Estates, adds, “A plus is that it backs onto the Table Bay Nature Reserve and will also offer splendid views of Table Mountain. One can’t go wrong – it offers everything the first-time home buyer needs and promises to become a valuable asset over a few years.”
The first phase of 208 properties will be covered in more depth in the November/December issue of Affordable Housing.