"This project will alleviate Nelson Mandela Bay's housing backlog of 87,000 units by almost half through the construction of 40,000 housing units," said Mann. "Not only will Coega Ridge help substantially dent the metro's housing shortage, but as the Coega IDZ attracts more and more top industries, we will build the housing they will need, as our project caters for all tenure groups."
Mann said up to 5,000 jobs per month would be created during the construction phase, which was on track to start in 2018, and that the entire project had a capital expenditure value of R20 billion.
A new waste water treatment plant planned for the Coega IDZ, adjacent to Nu-Way's Coega Ridge development site, was a huge boost for housing project, he said.
"The sewer pipeline which will run from Coega to Motherwell will help unlock the greater Coega Ridge project," said Mann, who has been working closely with municipal and provincial stakeholders for several years to make the project a reality.
Earmarked for 3,200 hectares of land along the R335 to Addo, Nu-Way Housing Developments was in August last year given the green light by the provincial Department of Economic Development, Environmental Affairs and Tourism (DEDEAT) to proceed with town planning for the project.
Coega Ridge would also include community facilities in addition to schools, a university, a technical college, a hospital, neighbourhood shopping centres, and a regional shopping centre spanning up to 110,000m², said Mann.
Project civil engineers Aurecon are confident that enough services are in place to begin the first phase of the estate - about 5,000 housing units. However, a bulk waste water treatment works in the IDZ would unlock the greater development, said Mann.
Award-winning housing expert, Lance del Monte, who is involved in the Coega Ridge planning, said the development would go a long way to addressing the city's housing backlog.
"This is a mega project which will certainly go a far way to addressing the backlog," said Del Monte, who has commenced with the conceptual stages of the project's town planning for Nu-Way.
According to Mann, town planning for the project could be completed by 2017, after which - pending approval from all relevant provincial and local stakeholders - ground on Phase One could break. The project would unfold over six to 10 years, he said.
At a national housing indaba in Johannesburg last October hosted by Human Settlements Minister Lindiwe Sisulu's, Nu-Way signed government's housing charter which maps out the plan to reduce South Africa's housing backlog of 2.3 million units.
Also included in Coega Ridge will be a light industrial area, a railway station, office parks and a sports academy. An upmarket eco-estate with a golf course and a hotel are also in the pipeline. The project has been meticulously planned over the past eight years.
"The phenomenal growth of the Coega IDZ, with projects in the pipeline like the PetroSA refinery, is seeing a massive need for mixed-use housing in the area," said Mann.
Nu-Way was established in 1986 and has developed over 65,000 subsided and affordable housing units around the country.
