Olievenhoutbosch receive a major low cost housing project

20 February 2006

Minister of Housing Lindiwe Sisulu launched a low-cost housing project which is a joint venture between Absa, the National Department of Housing, the Gauteng Department of Housing and the City of Tshwane at Olievenhoutbosch.

This R400 million development will consist of a total of 5 480 units, made up of 1168 bonded, 3049 subsidised and 1263 rental units. There will be an industrial and commercial development, with 3 schools, 2 clinics, a public open space and religious facilities. The project will be completed within a three-year period.

Amongst the people who attended the event was the City of Tshwane Mayor, Father Smangaliso Mkhatshwa and the Gauteng Housing Head of Department Benedicta Monama.

Speaking to the people during the launch Sisulu said, "We welcome this partnership with Absa in the spirit of our Social Contract for Rapid Housing Delivery.

"This project will provide decent homes for many low-income people and the poor. We will build on this partnership until all informal settlements are eradicated by 2014." said Sisulu.

Absa Group Chief Executive Steve Booysen said they have set a target of R12 billion to be invested in integrated development by 2008.

"This project marks our commitment to help housing the nation and to address the housing backlog.

"It is important that we urgently address the need for housing for our country's people. We cannot allow informal settlements to mushroom at this rate," said Booysen.

Booysen went on to say that they will not allow a situation where people wallow in the squalor of poverty and their dignity is eroded by homelessness. They had to do something and they will do more in the future.

Olievenhoutbosch is the first series of projects Absa will be involved in with government. This housing project will address a significant portion of the housing backlog in the Olievenhoutbosch and surrounding areas.