Tuhf Capital backs South Africa's next property builders

• Tuhf Capital is expanding beyond finance to help entrepreneurs build scalable, long-term property businesses.
• Urbanisation, housing shortages and densification are creating new opportunities across South Africa's growing cities.
• Investors are increasingly backing affordable housing that delivers both commercial returns and measurable social impact.

Building SA's next generation of property businesses

South Africa's residential property market may be entering a more measured phase following the recent interest rate cycle, but the structural demand for affordable urban housing remains stronger than ever.

Against this backdrop, one of the country's best-known affordable housing financiers is embarking on its own transformation.

TUHF has officially evolved into Tuhf Capital, a strategic move that reflects its broader ambition to become far more than a specialist lender. The business is positioning itself as a long-term capital partner, helping entrepreneurs build scalable property businesses capable of addressing South Africa's growing urban housing needs.

The rebrand signals an evolution from financing individual developments to supporting entrepreneurs through every stage of their growth journey with capital, commercial expertise, strategic partnerships and practical business support.

‍

"The housing market has always been resilient because it is linked to real economic activity," says Aidan-John (AJ) Rothman, Chief Executive Officer of Tuhf Capital.

‍

"What we are seeing now is not a reset of the market, but a continuation of how it has been evolving. Demand follows jobs, infrastructure and functioning urban nodes, and capital has to follow that reality."

‍

Urban growth is creating new opportunities‍

South Africa's cities continue to expand rapidly. According to the World Bank, nearly 70% of South Africans now live in urban areas, placing sustained pressure on metropolitan areas to provide housing that is affordable, accessible and economically sustainable.

For Rothman, this challenge presents one of the country's greatest investment opportunities.

‍

"The housing backlog is not just a delivery issue. It reflects how quickly cities can respond to where people need to live and work."

‍

"The real opportunity lies in enabling property entrepreneurs to build viable, scalable businesses that meet that demand. That is why the evolution to Tuhf Capital is important, it gives clearer expression to the work we already do by backing entrepreneurs with the finance, expertise and partnership they need to build sustainable property businesses."

‍

The company's expanded vision builds on more than two decades of financing entrepreneurs across South Africa's affordable housing market while broadening its role as a long-term growth partner.

Demand is spreading beyond traditional property hotspots

As market conditions evolve, so too are the locations attracting investment.

While inner-city regeneration remains important, opportunities are increasingly emerging across suburban growth nodes and township markets where formal rental accommodation remains undersupplied.

Across the country, regional trends are becoming increasingly distinct. In Gauteng, renewed investor confidence is supporting activity in growth corridors such as Randburg, Midrand and Centurion.

In the Western Cape, continued semigration and escalating property prices are driving development beyond traditional inner-city locations into suburban and secondary nodes.

Meanwhile, in KwaZulu-Natal, economic growth around Umhlanga and the Dube TradePort is generating demand that housing supply is only beginning to meet.

Densification that works in practice‍

For Velda Derrocks, Tuhf Capital's Client Coverage Executive, entrepreneurs, not markets alone are becoming the primary drivers of South Africa's next property cycle.

‍

"What we are seeing is that entrepreneurs are reshaping how these markets develop," she says. "As their businesses grow, they move into new nodes where demand, infrastructure and opportunity align."

‍

Tuhf Capital's role, she explains, is to partner with these entrepreneurs from their earliest projects through to building substantial, diversified property portfolios.

‍

"Our role as Tuhf Capital is to partner with those entrepreneurs from the beginning of their journey and support them as they scale. That means structuring capital in a way that enables sustainable growth, while building long-term value for the entrepreneur, our shareholders and the communities where those businesses operate."

‍

A central component of that strategy is densification, a concept often misunderstood within the property sector.

‍

"There is still a perception that densification means overcrowding. That is not the case. It is about making optimal use of space in a way that is compliant, functional and sustainable."

‍

In practice, densification means improving the efficiency of existing buildings, redesigning units where appropriate and creating higher-quality accommodation while maintaining affordability. Well-planned densification strengthens both individual developments and broader urban environments.

‍

"When more people live within structured nodes, it becomes easier to maintain infrastructure and services. Well-managed densification supports both the viability of the asset and the broader urban environment."

‍

Mixed-use developments are increasingly demonstrating how commercial viability and social outcomes can work together.

‍

"These developments show that financial sustainability and social outcomes are not mutually exclusive. When entrepreneurs succeed in building viable property businesses, the benefits extend into the communities they operate in."

‍

Market tensions are reshaping housing supply‍

South Africa's housing market is also becoming more sophisticated.

Developers are increasingly balancing competing opportunities as they allocate scarce capital across different residential sectors.

One example is the growing attraction of student accommodation.

‍

"Student accommodation can deliver higher returns per unit, which creates a natural pull for landlords," says Derrocks. "The challenge is deciding where that fits within a broader portfolio, without displacing long-term rental demand entirely."

‍

Developers are therefore making increasingly strategic investment decisions that balance short-term returns with long-term portfolio resilience.

‍

"We are seeing clients make more strategic choices about where and how they invest. That includes balancing yield with stability, and short-term returns with long-term portfolio growth."

‍

Tuhf Capital manages this through a diversified lending strategy, including capped exposure to student accommodation, ensuring portfolio resilience while continuing to support emerging market opportunities.

Capital is flowing towards impact-driven housing

The affordable housing sector is also attracting increasing institutional interest.

One of the strongest endorsements of the sector's long-term prospects is Tuhf Capital's partnership with the International Finance Corporation (IFC), which includes a proposed R960 million investment as part of a broader R1.2 billion funding structure.

For Rothman, the trend reflects growing confidence that affordable housing can generate both commercial returns and measurable social impact.

‍

"We are seeing increasing interest from investors who want both commercial returns and measurable social outcomes.That capital can flow into the sector if the underlying businesses are structured correctly."

‍

Building businesses that will shape South Africa's cities

For Tuhf Capital, the future of affordable housing extends well beyond financing individual developments.

It is about building resilient entrepreneurs capable of transforming urban communities over decades rather than development cycles.

‍

"The conversation cannot be limited to individual developments," says Rothman. "It must focus on enabling entrepreneurs to build sustainable property businesses."

‍

As South Africa's cities continue to densify and housing demand accelerates, entrepreneurs with access to capital, expertise and long-term partnerships are likely to play an increasingly important role in delivering the country's next generation of affordable housing.

‍

"Our market is changing, and we are changing with it," Rothman concludes. "Tuhf Capital provides a clearer expression of who we are becoming: a growth partner for entrepreneurs who see opportunity in property and want to build businesses that last. The fundamentals remain the same. What changes is the clarity of our role as those markets become more complex."

‍

For South Africa's housing sector, the message is clear: the next phase of growth will not be driven by individual projects alone, but by entrepreneurs building scalable, sustainable property businesses that create lasting economic and social value.

‍