Cape Town, February 2011: A massive new suburb in the Northern Suburbs is set to change the face of housing developments in the Western Cape. The award-winning Buh-Rein Estate, situated on 87,62 hectares of rezoned land between Durbanville and Kraaifontein, will bring 3 511 housing opportunities to the market.

According to MSP CEO, Riaan Roos, once completed, the project will be a suburb with 3241 apartments, 133 freestanding homes and 137 townhouses. “Buh-Rein Estate is the culmination of years of planning and a flagship in terms of delivering reasonably priced, yet high-quality solutions to the very real housing need in this bracket” says Roos.

For the average South African, the chance to be a homeowner has been marred in the last few years by the lack of quality affordability housing projects and finance available says Roos. “Aimed at the middle-income housing bracket, R850 000 and under, Buh-Rein Estate will address this issue. We have invested 3 years of meticulous planning to ensure we can now deliver an award winning solution” says Roos.

Mettle Property Solutions Securitisation (MPSS) is financing the R1.5 billion project which will be completed in 4-5 years.

Mettle, Metropolitan Capital and OMIGSA established a funding vehicle called Mettle Property Solutions Securitisation ("MPSS") with the aim of providing affordable housing development finance across South Africa. MPSS funding caters for land acquisition costs, development of bulk, internal services and top structures as well as for refurbishment and conversion of existing buildings in the main metro areas. The primary target market is the provisioning of housing for the Financial Services Charter market (“FSC market”). The FSC market is aimed at individuals or joint households earning up to R16,500 per month. “Providing this type of housing (funding and development) is key to resolving one of the most important issues affecting the majority of South Africans and in future this particular market will comprise the new middle market of South Africa, and therefore is a segment which any finance, product and service provider cannot afford to ignore or neglect,” adds Hendrik Bruinette, Manager of MPSS. “Buh-rein will be one of MPSS’ flagship developments due to its excellent location and product offering and with MSP Developments as developer will achieve the desired results of MPSS being the provisioning of affordability housing specifically aimed at the FSC market. The FSC market in respect of housing has the biggest demand, not only in Cape Town, but country wide and far outstrips the past and present supply, which in turn leads to such FSC housing units appreciating faster in value then middle to high market housing units and this bodes well for FSC household wealth creation and upliftment.”

“The real need in the housing market is for investors, financiers and developers to focus on delivering clever solutions which will transform the South African landscape. One where every family can own a home” says Roos.

Perceptions of lifestyle estates in South Africa have been coloured by the numerous quick-build examples, where apartments are densely packed and have no relationship with their surroundings. “Such estates feel cramped and limiting and do little to foster a health community” explains MSP managing director John Coetzee. “We had a different vision. Buh-Rein Estate will be a place where a healthy active way of living will become the norm, a warm sense of community will be encouraged and safety of residents will be a priority” says Coetzee.

MSP created an inspired, people-centric and environmentally sound design for Buh-rein Estate. The estate's comprehensive and layered design led to SAPI (South African Planning Institute) awarding MSP Developments a 2010 Planning Award (Private Sector) at the bi-annual SAPI conference. “This is a prestigious award that shows that Buh-Rein Estate, with its environmental and holistic-living considerations, is a landmark development which others may well emulate in the future” says Coetzee.

Coetzee highlights the four key criteria they used in designing the development. “Firstly we identified the right location, it had to be an area where people would enjoy living. The second consideration is security – residents must have peace of mind and be able to enjoy an outdoor lifestyle. We then incorporated facilities and services to ensure to deliver the fourth criteria namely convenience. Ease of living is ultimately what Buh-Rein Estate will provide” says Coetzee.

Buh-Rein Estate incorporates large areas of natural space, including 20 pocket parks and a central green zone designed around storm water drainage and outdoor activities. Pedestrian and cycling paths connect park areas with each other and with the shops and with other amenities on the estate. The wide, pedestrian-friendly streets are places to enjoy and the people-focused townscape will encourage residents to walk rather than use their vehicles. The greening of the estate will see over 2000 new trees planted in public spaces and parks.
An on-site shopping centre is confirmed, with Shoprite/Checkers as owner and anchor tenant, with smaller retail units also catering to residents.

A medical centre is planned and will be placed centrally in the estate. A hi tech Management Centre inhabited by an onsite power and water usage services company; the security central control room and the estate management company will also be housed on the estate.

Sports enthusiasts will have access to the estate's huge, multi-purpose sports field which will be freely used by residents and school teams.

A drive-through take away and petrol station will also be situated on the central access road for quick stops on the way into or out of the estate, while a private school, crèche and community church are all proposed for development. Buh-Rein Estate will also a offer a daily transport service to the Cape Town CBD and Stellenbosch and provision is made for a train station should the demand be identified in future.

According to Coetzee, the construction in the first Precinct will commence in early March 2011 and will bring six sectional title complexes to the market. These smaller estates within Buh-Rein Estate will comprise of between 28 and 53 units each and homebuyers and investor in Precinct 1 can choose between 252 units in total.

“The design of these small security estates within the larger framework of Buh-Rein Estate allows for the estate to be fully secured from within, rather than just by the usual 2.1m-high perimeter walls” explains Coetzee. Security cameras, technology and dedicated personnel will ensure complete security within the estate, with open areas being monitored 24/7. Buh-Rein Estate has been designed with an advanced 5-tier security system which will be phased in towards total operational coverage by February 2012.

Precinct 1 will feature 51m² apartments with two-bedrooms, one bathroom, an open-plan kitchen and living area leading to a balcony. Each apartment will have a dedicated parking bay. Units are competitively priced, starting from R442 900, which includes VAT, bond and transfer costs. According to MSP general manager, Jaco Maritz a R10 000 deposit will secure a unit in any of the six estates in Precinct 1.

The development of reasonably priced lifestyle villages across the country is crucial in solving the housing need in the country says Roos. “Developers must take a long term view and realise that they are not only building housing, but also communities. New-era developments must offer security and amenities never before deemed necessary in the middle to low-housing segment – only then will we create family friendly, community focused villages with room to breathe” says Roos.