LANGA HOUSING

FNB lifts housing spend to R2bn

 

 

 

19 Jul 2006

 

First National Bank (FNB) on Tuesday increased its investment in housing to just under two billion rand this year, with the unveiling by government of Phase 2 of the N2 Gateway housing initiative in Cape Town.

FNB has partnered with government to deliver about 3,000 bonded houses in Joe Slovo settlement, part of Cape Town's Langa township. Today marked the official hand-over of part of the N2 Gateway's Phase 1 rental housing stock to beneficiaries.

The bank is committed to investing about 600 million rand towards the project, which will benefit people earning between 3,500 rand to 7,500 rand per month. House prices range from 150,000 rand to 250,000 rand per unit.

FNB's involvement in the N2 Gateway housing initiative brings the bank's total investment in housing to 1.7 billion rand this year. This translates to 7,049 housing units.

The bank recently launched an 800 million rand commercial property and housing finance deal to build in excess of 3,000 homes in Glen Ridge, Soweto, last month.

In May this year, FNB invested 368 million rand to build in excess of 1,000 houses at Cosmo City near Kya Sands north of Johannesburg. Of these, 702 were built in partnership with 702 Talk Radio. – I-Net Bridge

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