Listed property developer Balwin Properties says it is cancelling its development of The Wedgewood in Sandton – a hugely popular ‘affordable living’ lifestyle project in the city, due to break ground in April.
The R1.6 billion 20-storey development officially launched apartment sales in November 2020, with plans for construction to start on 1 April.
The building boasted a number of unique features, including a five-a-side football field and outdoor cinema, and was aiming to bring more affordable residential options to those looking to live in South Africa’s richest mile, with studio apartments starting at R900,000.
In a trading statement for the group’s financial year ended February 2021, Balwin boasted record sales for the project, netting R1 billion just 45 days from launch.
However, in a statement this week, the group said that it will not proceed with the development, and will instead shift its focus away from the Lifestyle Apartment brand.
“This decision was made after consulting with board members who agreed that, at this time, the company would no longer focus on its Lifestyle Apartment brand but rather on its tried and tested development models – being the Classic, Green and Signature Collections.
“All purchasers and investors have been contacted and will be reimbursed in the upcoming weeks as a matter of priority. Balwin Properties assures the public and partners that they are taking this matter very seriously,” it said.