President Cyril Ramaphosa has announced the launch of the new Mooikloof Mega-City development, which is set to be built in the east of Pretoria.
In a media briefing on Sunday (4 October), the president said that the development has a total project value of over R84 billion and is one of the 62 Strategic Integrated Projects (SIPs) that were gazetted at the end of July.
“The first phase of the project is residential developments, and some 50,000 sectional title units are planned.
“Once completed, the Mooikloof Mega-City may end up becoming the world’s largest sectional property development, with land also earmarked for schools, shops and offices,” he said.
The president said that the development is being built in line with green building principles, and will make optimal use of green belts and green spaces for residential recreation.
“This development has all the key features of spatial integration. It is located in one of the most sought-after addresses in the City of Tshwane, with some of the highest average house prices.”
This development will also lead to the creation of some 41,000 jobs at a time when they are sorely needed., he said.
President @CyrilRamaphosa receives briefing from CEO Stephen Brookes on the new development which addresses the spatial and social inequality of the South African urban fabric, providing access to lifestyle services previously inaccessible to individuals in lower income groups. pic.twitter.com/ww0mOMnIfu
— Presidency | South Africa 🇿🇦 (@PresidencyZA) October 4, 2020
The mega-city is a public/private collaboration with developers Balwin Properties.
Balwin said it plans to build an initial 16,000 apartments at a present value of approximately R9.6 billion in phases over the next few years in what it describes as the one of the world’s largest sectional title development.
This may be extended to up to 50,000 apartments with a total development value of approximately R44 billion in today’s terms, the group said. Apartment prices will range from R499,000 to R799,000.
Mooikloof Mega City is located off Garsfontein Drive and is approximately six kilometres from the junction with De Ville Bois Mareuil Drive where Woodlands Boulevard Mall is located and eight kilometres from Solomon Mahlangu Drive which gives access to the N4 and other main arterial routes.
The surrounding townships include Woodhill Golf Estate, Mooikloof Equestrian Estate, Mooikloof Heights, Mooikloof Ridge, The Hills Golf Estate, Grootfontein Country Estate and Mooikloof Glen.
Steve Brookes, founder, and chief executive of Balwin, said that the Mooikloof Mega City has been designed specifically 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 house from the government and earn too little to get a bank bond.
“Accordingly, first time home buyers and qualifying individuals will have assistance through the Finance Linked Individual Subsidy Programme (FLISP). The FLISP subsidy grants first time home buyers a subsidy towards the purchase of a home of between R27,960 up to a maximum of R121,626.”