SA Affordable Housing November - December 2018 // Issue: 73 - Page 25

PROJECTS New benchmark with launch of Basil Read Homes Basil Read Homes was officially launched in Walkerville, Midvaal, with a ribbon-cutting ceremony in June at the company’s showcase Savanna City development south of Johannesburg. Compiled by Cherry Ellis T strategy, which includes the reignition of our top-structure division, Basil Read Homes.” Once completed, Savanna City will comprise more than 18 000 homes, 12 schools, municipal amenities, commercial hubs and several parks. With a 65-year track record, Basil Read has played its part in building the foundations of South Africa, experienced several construction booms and weathered economic challenges along the way. With Basil Read Homes, the company’s focus is on building safe, secure, innovative and profitable homes that will attract a cross-section of South Africans in search of a better-quality lifestyle. Savanna City is funded by Basil Read and the Housing Impact Fund South Africa (Hifsa), a R9-billion fund set up and managed by Old Mutual. Hifsa is a development impact fund that seeks to provide commercially viable investments into the affordable housing sector while enabling investors his comes after Basil Read’s construction and civils departments were recently placed under debt rescue, but a spokesperson says that the launch of its housing and building divisions are going full steam ahead. Savanna City, being built on land near Walkerville, showcases a new national trend: large-scale integrated mixed-use and -income housing developments. It is one of the largest developments of its kind in South Africa. The construction company’s developments division pioneered this trend with Cosmo City northwest of Johannesburg more than 10 years ago. Its success led to other, similar developments including Savanna City and, ultimately, the launch of Basil Read Homes. “Basil Read is proud to officially launch Basil Read Homes here at Savanna City,” says Basil Read CEO Khathutshelo (‘K2’) Mapasa, at the event. “This launch is a practical demonstration of how our company is moving full steam ahead with our turnaround The exterior of the beautifully designed two-bedroomed unit. NOVEMBER - DECEMBER 2018 23