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JSE-listed Balwin Properties has announced its new development at Wedgewood, an apartment building in Sandton that offers a number of unique features including a five-player soccer field and an outdoor theater.
The R1.6 billion 20-story development will officially begin apartment sales on November 21, with the cost of a one-bedroom, one-bathroom apartment starting at R799,000.
Balwin CEO Steve Brookes said Moneyweb that Wedgewood is the real estate group’s first high-rise development and represents a push to create more inclusive housing in the country.
“At 1,340 units, it is a monster in terms of size. The development, called Wedgewood Sandton, will launch later this month (November) and is part of our broader vision around creating more inclusive housing in the country, ”he said.
Brookes added that Wedgewood Sandton will be at one of the most important nodes in the country, just 200 meters from Gautrain Sandton station. The development is primarily aimed at the first-time home buyer market, he said.
Some of the key features of the development include:
- Concierge;
- Cafeteria;
- Bussiness center;
- Kid’s play zone;
- Laundry service;
- Outdoor cinema;
- Science training gym;
- Lounge and chill areas;
- Indoor soccer field on the roof.
Balwin said Wedgewood will include studio, 1 and 2 bedroom apartments, as well as lifestyle apartments. Some of the key features of the apartments include:
- Ready for fiber and DStv;
- Free SMEG appliances;
- Green building with EDGE certification;
- 24 hour security with biometric access;
- Prepaid electricity and water meters;
- Cleaning and laundry facilities with all services.
Wedgewood is Balwin’s latest development that targets an inclusive housing model.
In September, the group Announced that it would work alongside the government as part of President Cyril Ramaphosa’s development plan to build the Mooikloof Megacity in eastern Pretoria.
Balwin said it plans to build 16,000 initial apartments at a present value of approximately R9.6 billion in phases over the next several years in what it describes as one of the largest sectional title developments in the world.
This can range up to 50,000 apartments with a total development value of about R44 billion in current terms, the group said. Prices for the apartments will range from R499,000 to R799,000.
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.
The megacity has been designated as a strategic project integrated by the Council of the Presidential Infrastructure Coordinating Commission.
This means that the Department of Public Works and Infrastructure will pay for all external bulk service facilities such as water, sewage, electricity, roads and stormwater with respect to the megacity.
“This is in an effort by the government to boost the economy after Covid-19 and create jobs through infrastructure development,” he said.
“The National Treasury has also recently signed a Memorandum of Agreement with the South African Development Bank in terms of which an infrastructure fund of R100 billion will be made available to facilitate infrastructure development in South Africa.”
Steve Brookes, Founder and CEO of Balwin, said Mooikloof Mega City has been specifically designed for the GAP housing market, which can be defined as housing opportunities for people earning a combined monthly income between R3,501 and R18, 000.
“These are the income earners who earn too much to get a free government house and earn too little to get a bank bond.
Accordingly, first-time homebuyers and those who qualify will receive assistance through the Finance-Linked Individual Subsidy Program (FLISP). The FLISP subsidy provides first-time home buyers with a home purchase subsidy ranging from R27,960 up to a maximum of R121,626 ”.
Read: Balwin Plans More ‘Beach In Town’ Developments And 62,000 Apartments In Joburg, KZN And Western Cape
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