IFC, Alleyroads partner to develop affordable residential housing in South Africa

13th July 2022

By: Tasneem Bulbulia

Senior Contributing Editor Online


Font size: - +

To improve access to affordable, sustainable residential housing in South Africa, World Bank Group member the International Finance Corporation (IFC) has announced an investment to support South African residential property developer Alleyroads to build over 1 000 rental apartment units in the Johannesburg area.

The IFC’s R325-million loan to Alleyroads will help the company finance construction of the apartments, which are aimed at lower- to middle-income households with an average yearly salary of about R238 000.

The apartments will comprise two bedrooms with an average size of 62 m², and will be built near hospitals, schools and markets and will provide green spaces and play areas for children.

The apartments are aimed at reducing the housing gap in Johannesburg’s affordable housing market.

The project also aims to support economic activity by creating 860 jobs during the construction phase, and 45 jobs during the operating phase. Project completion is scheduled for 2023.

“The group is extremely thankful to the IFC for having the confidence in our ability to deliver these much-needed housing units to this sector of the residential market. The team is ready to roll up their sleeves and ensure the timely delivery of excellent quality units,” says  Alleyroads Group MD Ivan Pretorius.

The apartments will be designed to meet IFC’s EDGE Advanced green building standards, which makes them zero-carbon ready and among the first residential units to achieve such a high resource efficiency in sub-Saharan Africa.

Alleyroads will install on-site solar panels to supply about 30% of the development’s energy needs.

Alleyroads is a locally owned Level 2 black economic empowerment company.

The IFC says it is committed to supporting the government of South Africa’s economic transformation agenda and increasing the economic participation of historically disadvantaged citizens.

As part of its support to South Africa’s housing market, the IFC is working with partners in the country to improve access to affordable housing and student accommodation.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...


Latest Multimedia

sponsored by

Magazine round up | 21 June 2024
Magazine round up | 21 June 2024
21st June 2024
Corobrik sets out plans for its Rietvlei operations
Corobrik sets out plans for its Rietvlei operations
19th June 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:1.089 1.163s - 151pq - 2rq
Subscribe Now