The relationship between Garden Cities and Pinelands Development Company (PDC) goes back to when PDC was first established as a financing company to lend homebuyers who had been granted a State housing loan, a further 15% towards their deposit, which many could not raise.
The PDC financing was by way of a second bond at a lower rate of interest than could be obtained from any other source.
The move to provide this facility was necessary, as the Housing Act of 1920 stipulated that would-be house owners could obtain an advance or loan from the State of up to 80% of the cost of a house, including the land, but had to find the further 20% for themselves. Although plots sold by Garden Cities could be bought for as little as 20 pounds at the time, the average lower-salaried man, whom the Garden Cities Trust primarily intended to house, often could not raise the 20%.
Not only did Pinelands Development Company provide the financial assistance, but since 1945, has also built all Garden Cities’ houses. It remains the largest house builder on an on-going basis in the Western Cape and has received the NHBRC award for Best Builder.
The Memorandum of Association of PDC has as one of its objectives: ‘…to provide better housing and better social conditions for the people.’
Pinelands Development Company (NPC)
12 Wildwood Close, Sunningdale
Tel: 021 554 0700
Fax: 021 554 0628