Property development company Balwin Properties has entered into an agreement to acquire a number of properties in the south of Johannesburg from Tentacle Properties for up to R330-million.
Balwin intends to develop an eco estate with a Crystal Lagoon and a hiking trail on the properties.
Balwin explains that it initially acquired the land on which its existing Thaba Eco Village project is situated from Tentacle. After more than a decade of further negotiations, Balwin has now acquired the additional properties that will enable it to extend the Thaba Eco Village development.
The properties being acquired extend over 300 ha, of which about 150 ha is developable.
Balwin expects to develop about 7 443 apartments at the development and says this transaction establishes a firm pipeline in the south of Johannesburg for the next decade.
The company points out that the properties being acquired are near the upmarket Thaba Eco Hotel and the N3 and N12 highways.
Further, the Greater Thaba Development will offer various amenities, including a school, value retail, a filling station, a Crystal Lagoon, an Art Park and a vast green space allowing for trail running, mountain biking and hiking.
The total consideration payable to Tentacle is a minimum of R100-million and a maximum of R330-million. It includes a deposit and a payment per apartment over the life of the project.
Balwin expects to start top structure construction in the first quarter of 2026, with the first handovers to follow about six months thereafter.