Photo by: Duane Daws
Residential property builder Balwin has concluded a nonbinding conditional agreement with Portimix that will see it acquiring development rights for 232.8 ha in Johannesburg’s Kyalami Waterfall node for some R1.5-billion.
Development rights were expected to be developed over an 8- to 10-year period, starting on January 1, 2017.
The acquisition included the development rights for the 30.8-ha Polo Fields, the 126-ha Waterfall Fields and the 76-ha Waterfall Village.
The company believed that the proposed acquisition would grow the company’s secured development pipeline by around six years, establishing Balwin as the leading residential property builder and developer in the middle-income market segment within the Kyalami Waterfall node.
Balwin believed the node to be of strategic importance, with a strong demand for residential units within Balwin’s target price, owing to ongoing plans to establish a central business district in direct proximity of the node as well as the proximity of the node to the Sandton central business district, Fourways and Centurion and along Gauteng’s main highway routes.
It added that the current unavailability of secure, affordable, high-quality, environmentally friendly and conveniently located sectional-title residential units appealing to middle income market segment within the node also made it an attractive proposition.
The proposed acquisition remained subject to several conditions