The beleaguered N2 Gateway housing project in the Cape, originally scheduled for completion in June 2006, will cost R3bn when the 22 000 units are finally completed in around three years' time.

This is R700m more than the R2.3bn initially projected by the national Housing Department for its flagship development when the project was launched in 2005. The Cape Times says that project costs have already overrun the budget by R135m. Thery Ndopu, spokesperson for Housing Minister Lindiwe Sisulu, said R200m had already been spent on the project. So far 705 flats in Joe Slovo have been built, as well as 554 units in Delft Symphony and 10 in New Rest. Almost 7 000 stands have been serviced.
Full Cape Times report