Property developer Balwin announced its new Mooikloof Mega-City development which is set to be built in the east of Pretoria.
Balwin said it plans to build an initial 16,000 apartments at a present value of approximately R9.6 billion in phases over the next few years in what it describes as the one of the world’s largest sectional title development.
This may be extended to up to 50,000 apartments with a total development value of approximately R44 billion in today’s terms.
Apartment prices will 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.
Balwin said the project will provide a much needed economic injection in a post-Covid-19 environment, creating approximately 115,000 direct and indirect job opportunities throughout its lifecycle.
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.
The project will be located off Garsfontein Drive, and is close to Woodlands Boulevard Mall.
The surrounding townships include Woodhill Golf Estate, Mooikloof Equestrian Estate, Mooikloof Heights, Mooikloof Ridge, The Hills Golf Estate, Grootfontein Country Estate and Mooikloof Glen.
In terms of the transaction, Balwin said it will acquire two tracts of land with a combined area of 210 hectares for an aggregate purchase consideration of R332.5 million.
The land will be combined into a single property post the transactions and will consist of a residential component, two educational facilities and a commercial node.
Balwin said it will undertake the residential developments and will sell approximately 20 hectares for the development of the educational facilities and the commercial node.
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