Posted: August 1, 2023
Buhlebezwe Property is pleased that the ongoing Hospital Street Social Housing Project in Newcastle, KwaZulu-Natal, will provide vital affordable rental accommodation for middle to low-income earners, effectively addressing the pressing need for accessible housing in the region. The investment project, which was funded to the tune of R386 million, represents a significant milestone in bridging the housing gap and improving the quality of life for individuals and families in Newcastle.
The Hospital Street Social Housing Project investment was one of the investment pledges that were announced at the fifth South African Investment Conference that was hosted by President Cyril Ramaphosa in Johannesburg in April this year. Pledges made at the conference contributed in bringing the total value of investment pledges over a five-year investment mobilisation period to R1.51 trillion, thereby exceeding the initial target of R1.2 trillion set by President Ramaphosa.
According to the Chief Executive Officer (CEO) of Buhlebezwe Property, Mr Victor Lebelo, this groundbreaking investment, the first of its kind in Newscastle, is designed to yield a total of 1056 social housing units, comprising 54 blocks of four-floor walk-ups. It will provide affordable rental accommodation for middle to low-income earners, addressing the pressing need for accessible housing in the region.
“By offering affordable rental options, this project will create opportunities for individuals who are unable to own property or afford high rentals in the current market. The development is strategically located near workplaces in the town, allowing residents to conveniently access their workplaces while enjoying affordable housing,” says Lebelo.
He adds that one of the major positive impacts of the Hospital Street Social Housing Project will be its contribution to the local community and the region as a whole.
“The project engages local sub-contractors, labourers, and suppliers of materials and plants, and provides significant economic opportunities for the community. Furthermore, the project emphasises skills development for the local workforce, empowering them to enhance their livelihoods long after the construction phase,” he says.
Lebelo adds that through the Hospital Street Social Housing Project, local sub-contractors were supported to upgrade their Construction Industry Development Board (CIDB) levels that would enable them to access higher-value projects in the future and secure sustainable income for growth of their businesses.
“The investment project has generated a substantial number of employment opportunities, benefiting the local community by reducing unemployment rates and fostering economic growth. I am delighted that we received this opportunity to contribute to the well-being of the Newcastle community through this project. We are committed to supporting the community and addressing the critical need for accessible housing options,” explains Lebelo.
According to Lebelo, the Hospital Street Social Housing Project investment project is expected to be completed towards the end of 2024. When completed, it will sport 54 residential blocks, 1 056 units, one refuse building, two guard houses and an administration building.
Bongani Lukhele – Director: Media Relations
Tel: (012) 394 1643
Mobile: 079 5083 457
WhatsApp: 074 2998 512
Issued by: The Department of Trade, Industry and Competition (the dtic)
Follow us on Twitter: @the_dti