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By Sakhile Ndlazi 
1 hour ago
Pretoria – With over 200 of the 50,000 apartments already purchased over the weekend, Mooikloof’s Integrated Development has been well received by the target market.
The billion-rand development east of the city has been designed to bridge the long-standing gap between different social classes.
The development is located on Garsfontein Drive, which will be heavily remodeled.
It is approximately four miles from the junction with De Villebois Mareuil Drive, where Woodlands Boulevard Mall is located. It is also five miles from Solomon Mahlangu Drive, which provides access to the N4 and other major arterial routes.
It was launched yesterday by President Cyril Ramaphosa, who described it as the result of a very successful public-private process and an example of how the interests of each sector could align and work to mutual benefit.
He congratulated Balwin Properties, the developers who worked with the provincial government and the city of Tshwane to bring the project to fruition.
Ramaphosa also praised the district development model, which called for collaboration from the three spheres of government as something that had made the project possible.
The development has an estimated project value of over R84billion and was one of 62 integrated strategic projects published at the end of July.
The City of Tshwane facilitated the approval of proper zoning and the supply of water, wastewater and bulk energy infrastructure.
“We are talking about the conditions conducive to development by issuing licenses and zoning rights quickly,” the president said.
Balwin Properties founder and CEO Steve Brookes said they had heard the president’s call for inclusive housing and were especially excited about what this development could mean for the country after Covid-19.
“Not only will it boost the economy, but it will also create around 115,000 direct and indirect job opportunities.
“Mooikloof Mega City has been specifically designed for the gap real estate market defined as housing opportunities for people earning a combined monthly income of between R3501 and R18000.
“These are the income earners who earn too much to get a free house from the government but too little to get a housing bond,” Brookes said.
He said a total of 50,000 housing units would be built to house about 250,000 people. People earning between R3000 and R22000 per month can apply for a loan through the government finance linked individual grant program.
The government would subsidize applicants, which Ramaphosa says would seek to address the country’s housing backlog.
Ramaphosa also introduced what he called the 40-40-40 principle. “Spatial integration aims to undo a prominent feature of the apartheid project. We continue to feel the effects of apartheid spatial design in what might be called the 40-40-40 principle.
“Most people live 40 km from job opportunities. As a result, they spend more than 40 minutes traveling to and from work and more than 40% of their income on transportation expenses. In many cases, those affected are the poor who live in 40m² houses ”.
To accommodate those affected by this legacy, Mooikloof Mega City Development’s location ensures that it is targeted at first-time homeowners.
Brookes said, “Accordingly, first-time home buyers and those who qualify will receive assistance through the program, which provides first-time homebuyers with a subsidy of between R27960 and R121626 toward the purchase of a home.”
The first 16,000 apartments will be built in phases over the next few years and are valued at around R9.6 billion. Expanded to 50,000 apartments, the total value will be approximately R44bn. Unit prices would range from R499000 to R799000.
The Minister of Public Works and Infrastructure, Patricia de Lille, said the government’s goal was to promote integration between communities by helping those who do not have access to housing to obtain mortgage loans from banks.
He said it would address apartheid spatial planning and was in line with the Batho Pele principle of the government.
Pretoria News
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