TWO major projects that will go a long way in alleviating the City’s accommodation shortage were announced last Tuesday.
Property developer BMA Group revealed plans to build ’95th on Manhattan’ in Richards Bay’s CBD and ‘Atlantis Palms’ in eSikhaleni.
The developments will boast 90 and 50 units respectively – all comprising of two bedrooms, melamine built-in cupboards and ceramic tiles.
A Manhattan apartment will cost from R595 000 and an Atlantis Palms unit from R499 000.
Construction is scheduled to start in June and July.
‘We are very excited about these projects,’ said BMA Group Director Ricky Maraj at the presentation.
‘After looking at numbers. We have identified what the needs out there are, and this is it.
‘Both complexes will offer affordable flats in highly sought after areas.
‘We have a strong commitment to this city, both in the present and future. We are not going anywhere,’ Maraj said.
ABSA Affordable Housing Relationships Consultant Lindiwe Mazibuko explained how the units will allow for many young professionals and families, who have previously not been able to invest in properties, to finally become first-time home owners.
‘I am thrilled about these flats being affordable.
‘If a couple has a joint monthly income of R20 000, they can buy one of these units.
‘We are also flexible by trying to help young people with repayment terms of up to 360 months.’
Another big construction project will be BMA’s plans to completely rebuild and transform the old Mr Price building into an office complex in Richards Bay CBD’s northern block.
Currently referred to as The Address, Maraj said the building, once completed in 2016, will complement the town square as the Bay’s landmark.
‘It will be modern with a basement parking lot. We should launch the project during the third quarter of this year.’
