Estate opens a wealth of opportunities to families

At Karino Lifestyle Estate, east of Mbombela, challenging the status quo of affordable housing has paid off – not only for the more than 1 600 residents who already call this landmark estate home, but also for the development team whose innovation and commitment have just been recognised by the South African Housing Foundation’s Housing Project of the Year Award.

Similan Consult’s Harold Spies represents the development team. He says they had approached the project with a bold proposition – “affordable does not have to look cheap”.
They conceived a residential development that set out to achieve the near impossible: a conveniently located, attractive, secure and well-maintained housing estate that was nevertheless within easy reach of first-time home buyers.

The coveted award is proof that the development has achieved its aims. So is the satisfaction of the investors and residents. “Our approach flew in the face of the norm that equates affordable with substandard,” says Spies.

“At Karino we provide affordable housing with a high level of security features, layout and design plans that are well thought out, and attractive landscaping with safe parks and walkways.”

The security estate offers a variety of homes and apartments for those wishing to rent or buy.
The popularity of the development is evident. The first home was bought in 2010. In 2013 alone 203 new homeowners invested in the Karino lifestyle. Now 87% of phase 1 has been sold out, comprising 567 homes and apartments.
Thriving growth has been part of the planning from the outset, with a fuel station, water purification plant, a Curro Meridian school on the premises, easy access to transport and convenient shopping facilities.

Developed to address not only the target market’s immediate needs, but also the long-term needs of the people who will eventually live there, Karino is set eventually to become a satellite town of Mbombela.

Karino Lifestyle Estate is the only one of its kind in Mpumalanga, and the only one to have achieved the SAHF award. This acknowledges achievements in housing and related industries. Individuals and organisations which have made an outstanding contribution to the development of sustainable communities are acknowledged at this prestigious awards function. Karino won in the category Affordable Housing R125 000 to R500 000 per unit.

The development agency is a joint venture between Similan Consult (developer), Endecon Ubuntu (a multidisciplinary engineering firm) and Kuvuka 2006 (the BEE landowner).
The project is financed by Mettle Property Securitisation RF, a division of Old Mutual Investment Group’s housing impact fund for South Africa (HIFSA).

According to Debbie Newton, an investment professional of Old Mutual Investment Group, “The award is richly deserved. It’s a tenacious team working on the Karino Lifestyle Estate project, delivering an excellent product despite the challenges that the housing industry presents.”

Spies feels strongly that enabling people to own a home is wealth creation, in more ways than one. He explains, “More than a decent roof over the head, owning a home in Karino has far-reaching effects. It empowers families to create opportunities for their children, for instance being able to loan money against the bond to send children to university, or to start their own businesses.

This investment unlocks many opportunities that would otherwise have been impossible.” According to Spies, he initially set two personal goals against which he would measure the success of Karino.

“The first was to make sure the children living there would be safe and happy and the second was to make sure I was proud enough of what we’d built, to want to show it to my friends and family.

These personal goals became the driver behind what we now consider to be a solid investment.”