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Balwin secures property in Mooikloof after years of negotiation

21st July 2020

By: Marleny Arnoldi

Deputy Editor Online

     

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JSE-listed Balwin Properties has concluded a sale agreement with Century Property Developments, in terms of which it will buy a portion of the Farm Rietfontein 375 property, in Mooikloof, Pretoria East.

Balwin has been negotiating with the seller for the last five years to acquire an area of the farm called The Hills Proper, situated on the property.

The property measures 93 ha, of which about 70 ha is developable.

The purchase consideration includes a R94-million deposit, as well as an additional payment per apartment over the next seven years.

Balwin plans to develop at least 3 776 apartments, but is confident that the total number of apartments could exceed 5 500 once it undertakes rezoning and relaxation of height restrictions on the property.

Based on 3 776 units, the total consideration payable by Balwin to the seller is about R301-million.

Balwin explains that the land will not generate profits in isolation as the land will be developed into sectional title residential apartments and profits will be attributed to the sale of the respective apartments.

The property is close to the N4 and N1 highways, has easy access into Pretoria East and various amenities such as Woodlands Boulevard, Woodhill Country Club, Parkview Shopping Centre and the Pretoria East Hospital.

Balwin plans to develop an eco estate, focusing on outdoor living and using the abundance of green space for leisure activities. The company also plans on incorporating two schools as part of its lifestyle offering within the development.

The development will occur in phases, with the first phase comprising 1 000 apartments and construction starting in March 2021.

Balwin says the acquisition of this property fits with the company’s overall vision that it has for its developments in Gauteng, especially expanding within the Pretoria region.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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