Nu-Hold to undertake US$ 56m housing project in South Africa

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Nu-Hold is set to construct a 40 000-home mixed-use housing development, Coega Ridge development adjacent to the Coega Industrial Development Zone in Port Elizabeth at the cost of US$56million. The project is set for construction in mid-2016.

According to Nu-Hold executive director Jordan Mann, the company has received all the approvals and its setting to complete information with the planners so that the project can kick off next year.

He also added that their company’s subsidiary Nu-Way Housing Developments will carry out the development and more so it will be focusing on low-income and affordable housing.

“We aim to help eliminate PE’s housing backlog. In addition to the 40 000 residential units that comprise Coega Ridge, we are planning to make the area a self-sustained satellite city with an industrial park, including office parks; a regional shopping centre; supportive community facilities, such as schools, clinics, a technical college, a satellite university and a hospital; and other commercial facilities,” said Mann.

Nu-Hold Group also owns Krisp Properties, which focuses on high-income residential developments, and Krisp Properties Commercial, which focuses on shopping centers, industrial sites and office parks and now the housing project.

The company has been involved in construction of 39 cluster homes in Waterkloof Heights, Pretoria, and also plans to construct a hotel outside OR Tambo International Airport.

“Construction of the Langa centre comes on the heels of Cape Town’s pedestrianising investment, which involves paving and landscaping the Langa train station forecourt and access roads,” Mann expands.