- The Mooikloof Mega City project to the east of Pretoria may end up being the world's biggest sectional property development.
- Some 50,000 apartments are being planned, and government is fast-tracking approvals so construction can start as soon as possible.
- Prices range from R499,000 to R799,000.
- For more articles, go to www.BusinessInsider.co.za.
A new project east of Pretoria could include 50,000 apartments – and it’s being fast-tracked by government to start construction soon.
At the end of July, the Mooikloof Mega City was included in 51 infrastructure projects that have been declared strategically important as per government gazette, which means that the necessary approvals (including municipal rezoning and water rights) must be sped up, to ensure that work starts within the next month.
Government has earmarked R1.4 billion for installing water, sewer, electricity, roads, and stormwater services to the Mooikloof project specifically.
The R44 billion project is being developed by Balwin Properties, which says it is may be the world’s largest sectional title development.
Sales for the initial 2,500 apartments in the first phase of the development – called Greenkloof – will start in October.
Prices range from R499,000 to R799,000, and it is aimed at people people earning a combined monthly income of between R3,501 and R18,000.
“These are the income earners who earn too much to get a free house from the government and earn too little to get a bank bond, says Balwin CEO Steve Brookes.
“Accordingly, first time home buyers and qualifying individuals will have assistance through the Finance Linked Individual Subsidy Programme.” The FLISP subsidy grants first time home buyers a subsidy towards the purchase of a home of between R27,960 up to a maximum of R121,62.
The project – which will be located off Garsfontein Drive, and is close to Woodlands Boulevard Mall - is expected to create 115 000 direct and indirect jobs.
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As part of the project, Balwin will acquire two tracts of land with a combined area of 210 hectares for R332.5 million. The development will include 20 hectares earmarked for schools, shops and offices, which Balwin will sell to a third party.
Other housing projects that are currently being fast-tracked by government include:
- Greater Cornubia: KwaZulu-Natal
- Vista Park II & III: Free State
- Lufhereng: Gauteng
- Malibongwe Ridge: Gauteng
- N2 Nodal Development: Eastern Cape
- Matlosana N12 West: North West
- Green Creek: Gauteng
- Fochville Extension 11: Gauteng
- Germiston Ext 4 Social Housing Project: Gauteng
- Newcastle Hospital Street Social Housing Project: KwaZulu Natal
- Hull Street Social Housing Project Phase Northern Cape
- Kwandokuhle Social Housing Project: Mpumalanga
- Phola Heights - Tembisa Social Housing Project: Gauteng
- Sondela Phase 2: Gauteng
- Willow Creek Estate: Mpumalanga
- Joe's Place Social Housing: Gauteng
- Jeppestown Social Housing Project (Unity House): Gauteng
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