Aug 21, 2008:
A new R2,5bn mixed-use development is planned at Parsonsvlei, approximately 12km west of the Port Elizabeth City Centre.
The rezoning has already been approved as a site of 128 hectares, equivalent in size to a large suburb. The plans for the site will see the development of some 2,200 homes in addition to businesses, retail, light industrial and community facilities including parks, large public open spaces and a school site.
"We have great confidence in Port Elizabeth. As a result of various macro-economic factors the commercial capital of the Eastern Cape is experiencing steady growth which has led to increased pressure on the availability of housing, especially for the middle income bracket," says Magnus McDowall, Amdec Cape & Coastal Regional Director.
Parsonsvlei, located off Old Cape Road which links into the N2 Highway, is being subdivided into development parcels which will contain a variety of residential developments, ranging from "starter homes" upwards, including sectional title and freestanding residential properties. The development will be home to some 10,000 people and house prices are expected to range from R400k to R1m.
The development consortium is committing significant investment in the installation of bulk services and infrastructure, including roads, sewers, water and electricity. This phased project will take some five years for its complete roll out, with the first phase commencing in January 2009.
The first phase of civil and engineering infrastructure is expected to take between nine and 14 months and construction of the first phase of 830 houses a further nine to 12 months. It is estimated that the first residents will be able to move in to their new homes during the second half of 2010.
"Parsonvlei is ideal for young couples or families who are growing financially," notes McDowall.
For more information contact Magnus McDowall on 021 702 3200.