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Johannesburg - Standard Bank said shortage of housing stock, and not funding, was the major obstacle in meeting its
Financial Sector Charter commitment of originating loans for the charter's defined market, its senior official said on Friday.
"Housing shortage and not funding [is] the main problem," said Kevin Duncan, MD of Standard Bank's corporate and investment banking (CIB) integrated residential development unit (IRDev) told reporters on Friday.
Duncan added that the other problem lay with affordability constraints caused by the construction boom, which drove prices of cement, materials and other input costs higher.
He added that the unit faced major external challenges. These included a lack of access to appropriate, well-located and reasonably priced property, and delays in township establishment processes.
IRDev has introduced changes to its modus operandi, with the emphasis on origination, assembly, and implementation. The unit has a mandate to facilitate viable and sustainable integrated human settlement.
Origination helped minimise input costs, thereby ensuring affordability of the houses, Duncan said.
"Internally, it [IRDev] streamlines process inefficiencies and ensure that the delivery process is speeded up," he added.
- I-Net Bridge