Minister of Housing Ms Lindiwe Sisulu and Gauteng MEC of Housing Launch Cosmo City Project

The groundbreaking initiative by talk radio, financial institution and the government took off the ground 702/FNB Housing Initiative, known as Cosmo City Project was launched recently in Kya Sands, Randburg.

Addressing guest at this auspicious event and elated, Minister Of Housing, Ms Lindiwe Sisulu said: “the freedom we fought for is now bearing fruits. Old partnerships have shaped themselves into new partnerships bringing about a better life for all”. The minister was clearly referring to the partnership that the department has entered into with stakeholders such as FNB and 702 Talk Radio including the department's service provider M5 Development.

Ms Sisulu said this initiative will give hope to those to even those people who are despondent because they are living in shacks or backyards somewhere. “They need to hear that change has come. The change that they too made possible.”

Punctuating her speech with humour the minister said FNB was the first bank that approached her before saying “Minister how can we help you”. The idea behind Cosmo City is to promote mixed income housing and provide integrated life style irrespective of economic status.

Also this initiative seeks to create a sustainable area for low income to live side by side with those that are middle income earners. The rational being that sustainable communities need to be developed and those that earn higher income should create job opportunities for the poor.

This joint effort between government and private sector will ensure affordable houses, particularly for first time buyers. This is to create a sustainable area of people earning below R7000 per month. The project entails the construction of at least 5000 RDP houses, 3300 bonded and 3000 finance linked housing structures and 1000 apartments for rental.

FNB's Public Sector Banking CEO, Modise Moathlodi said they are proud to partner with Government and Talk Radio 702 in this exciting initiative to deliver housing to the residents of Cosmo City . “We at FNB understand that there is a real gap in the affordable housing market. For us, this gap presents a business opportunity which allows us to contribute meaningfully to efforts aimed at addressing one of South Africa 's economic challenges – housing.

Talk Radio, 702 station manager Pheladi Gwangwa said “For the various partners involved in this event, today is historic. It is historic because we are putting our money where our mouths are and we are getting down to delivery.”

Mr. Gwangwa told the guests that on a number of occasions, “Minister Sisulu challenged us to build the 702 houses. Quietly, negotiations began between the Department of Housing and Talk Radio 702 management. After many months of negotiations about subsidies and other logistical matters the seeds were sown for the project that we are launching today.”

A senior executive of FNB, Derrick Carstens, explains the station manager picked up on the idea and spoke to our CEO Terry Volkwyn and General Manager Ryan Till.

“The end result: we are here today to launch and announce that Talk Radio 702 together with FNB, Codevco/M5 and the Gauteng Department of Housing.”

MEC for Housing who on this special day was acting Premier of Gauteng, said: “as we celebrate the 10^th anniversary of our democratic constitution which ushered in a new order in our country, it is exciting to see that one of the critical sectors of our society-business is giving tangible meaning to the provision of the constitution. As we know that the Bill Of Rights decree that every one has the right to decent and adequate shelter.”

The MEC added that the occasion bare testimony to the manifestation of what many of our people fought and died for which is the right to live in safe, healthy and decent environment.