CAPE TOWN - Balwin Properties, a JSE-listed developer of high quality apartments, said on Thursday it would build a R9 billion, 5020 apartment development in Waterfall, Midrand, called Munyaka, over eight years.
CEO Steve Brookes said Munyaka, which translates to “Crystal” in Venda, would be the crown jewel in the group’s development portfolio.
“We have worked closely with our architects to bring something exceptional to South African sectional title buyers and believe that it will not only set a new standard for lifestyle estate living in Waterfall, but indeed in the country,” he said.
Construction of the lagoon, boundary wall, gatehouse, lifestyle centre and show apartment block had already commenced with the balance of apartments being rolled out over the next eight years.
Balwin would also invest significantly in road infrastructure around Munyaka, having already completed Mia Drive at a cost in excess of R100 million.
“I’m a strong believer in the prospects of our country. We can and will turn SA Incorporated around,” Brookes said in a statement. Balwin has a portfolio of over 70 developments, in Gauteng, Western Cape and KZ
Balwin’s share price was up 0.63 percent Thursday morning on the JSE, and 77.2 percent higher than its 52 week low. Net asset value at the end of the six month period to August 31, 2019 was R5.93 per share.
Revenue had increased 19 percent to R1.42 billion in the interim period, while headline earnings were up 5 percent to 40 cents per share.