Listed property developer Balwin Properties has recently launched the Wedgewood in Sandton, the first of its newly introduced Lifestyle Collection, which it says will revolutionise access to affordable, upmarket accommodation in prime locations close to transport nodes.
Known as ‘the richest square mile in Africa’, Sandton is known to be a wealthy and influential area where many of Joburg’s top businesses are situated, where the upper class lives, works, and plays. And Balwin Properties aims to change that landscape.
“There is no doubt that strategically positioned properties, geared within the right price-point and supported by a modern, and in many instances, green-inspired lifestyle, are in high demand,” said Steve Brookes, Balwin chief executive officer.
“At Balwin Properties, our vision is to bring people from previously disadvantaged areas into prime locations. This is the ethos behind our new concept, Balwin Lifestyle Apartments. Through this concept we are able to help more South Africans secure their own homes in an achievable way in a prime location such as Sandton.”
Construction of this development is scheduled to start on 1 April, presenting cleverly designed spaces and unprecedented facilities, including sports facilities, business pods, an outdoor cinema, lounge and chill zones, and a rooftop 5-a-side football field.
- 1 Bed, 1 Bath From R912,900 Studio
- 1 Bed, 1 Bath From R1,253,900 Boutique
- 1 Bed, 1 Bath From R1,299,900
- 2 Bed, 2 Bath From R1,921,900
The apartments come fibre and DStv ready, include free SMEG appliances, 24-hour security with biometric access, prepaid meters for electricity and water, and include fully serviced cleaning and laundry facilities.
Balwin Properties said in a note this week that despite the impact of Covid-19 ans resulting lockdown periods, leading to construction delay, the group delivered approximately 2,550 apartments to clients which were recognised in revenue for the financial year under review (2020: 2,715 apartments).
Demand for one-and two-bedroom apartments remained strong and comprised approximately 77% (2020: 74%) of the total apartments recognised in revenue which continues to be complemented by the existing block configuration, it said.
Balwin said that approximately 3,300 apartments have been pre-sold beyond the reporting period and have accordingly not been recorded in revenue in the current financial year, representing an approximate increase of 2,650 apartments forward-sold when compared to the prior corresponding reporting period.
Balwin took registration of Izinga Eco Estate (Umhlanga) and Mooikloof Eco Estate (Tshwane East) during the year and invested significant equity contributions for the pending registrations of Thaba Eco Village (Johannesburg South), Greenbay (Gordons Bay) as well as the extension of the land for The Huntsman (Somerset West).
“In total, approximately R220 million was invested in the pipeline of the business during the year, approximately double the cash invested on land in the prior year. The group also paid out full dividends during the year in accordance with the dividend policy of distribution of 30% of profits. This included the final dividend for the 2020 financial year which was previously deferred.
“Cash management and cash utilisation will continue to remain a priority focus area for the group and Balwin continues to engage with its funding partners to ensure that appropriate facilities and financial support remain in place.”
Despite prevailing market conditions remaining challenging, pipeline investment opportunities allowing Balwin to expand the group’s footprint or to replace completed projects materialised during the year, it said.
The group contracted land at five new developments, namely Thaba Eco Village and Mooikloof Eco Estate as noted above, as well as at De AanZicht (Western Cape), Mooikloof Mega City (Tshwane East) and Wedgewood (Sandton).