Valueville: Affordability via Reverse Engineering

Another landmark housing project is in its last stages of completion. This pilot scheme has been developed by the Corporation to demonstrate its belief that improving affordability is best achieved via ‘reverse engineering’. This unique development of 112 units of 1 bedroom semi-detached bungalows has been built on 3.8ha of land within an existing residential layout that belongs to the Corporation.

Valueville is a direct response to the outcomes of an affordability assessment conducted on nearly 200 staff of the agency. Through this exercise, the ideal pricing and the ideal product was determined to be the establishment of the core of the home (kitchen, bathrooms and a living/sleeping space) no more than 40sqm on a 250sqm plot, designed in a manner that enables an efficient extension into a 2 and 3 bedroom home.

Ground breaking took place mid December 2017. Majority of the homes have been built using conventional sandcrete blocks, a few units were built with laterite blocks, deploying the Corporation’s hydraform machine to produce the high quality blocks.  Prototypes of the expanded 2 bedroom and 3 bedroom units have also been built.

A very recent visit to the project site to appraise progress was revealing. Most of the units have been completed as dry shells and already painted. Owners will be required to install all finishes. The mains electrical and drainage works are nearing completion.

Upon completion, the gated community will demonstrate the value of placing a premium on the availability of infrastructure, rather than the size of home or size of plot. Since the Corporation launched the commencement of sale, response from the public has been outstanding, attesting to the fact that the pricing meets the affordability band of a large pool of potential buyers.

Gateway Mortgage Bank is the Corporation’s partner mortgage provider.

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