- On a drive to provide affordable city residential property for low to middle income earners, Balwin Properties is eyeing other prime locations to develop more of its high-rise buildings.
- The company is launching its first ever sky-scraper in Sandton, a 20-storey building.
- It recently launched a massive new housing project in the east of Pretoria.
- For more articles, go to www.businessinsider.co.za.
Balwin Properties, which recently announced its first high-rise apartment building, located in the Sandton financial district, wants to build more of these affordable residential skyscrapers.
Speaking to Business Insider, CEO of Balwin Properties Steve Brookes said the company has its sights set on prime commercial nodes such as Rosebank, Waterfall in the Midrand area, and Umhlanga. In the Western Cape, the group is eyeing the V&A Waterfront, he said.
The idea “is to go vertical”, and develop affordable city residential property that will get “people back into cities where they can afford it and they don’t have to spend four taxi rides to get to work in the mornings,” Brookes said.
The projects will resemble its Wedgewood project in Sandton, with apartment prices starting from R799,000 - which would require a monthly mortgage instalment of around R6,000 at the current low prime rate. Some 75% of the building's 1,340 units will be priced below R1.2 million.
Brookes says that prices are kept lower by "extensive cost engineering".
“I think a lot of investors will also buy these properties to rent them out. But traditionally we’re focused on the end user and we have a big drive to get previously disadvantaged people into housing, to create wealth through their housing and also not have a big problem of having to travel very far to go to work everyday,” said Brookes.
Balwin recently launched a massive affordable project, the Mooikloof Mega City project east of Pretoria, with prices ranging from R499,000 to R799,000. It’s targeted at people earning a combined income of between R3,500 and R18,000.
The projects is Africa’s biggest sectional property development with 50,000 apartments planned. The first phase will see 16,000 units built and government is fast-tracking approvals so construction can start as soon as possible.
Brookes said there was already high demand for the Mooikloof units with 400 already sold.
Receive a daily news update on your cellphone. Or get the best of our site emailed to you.
Go to the Business Insider front page for more stories.