Pretoria - Property developer Balwin has announced plans to build the Mooikloof Mega City development east of of the city.
The development will initially have 16 000 apartments at a present value of about R9.6 billion in phases over the next few years in what the company described as one of the world’s largest sectional title projects.
This may be extended to up to 50 000 apartments, with a total development value of about R44bn in today’s terms, the group said. Apartment prices will range from R499 000 to R799 000.
Balwin said that the project would provide a much-needed economic injection in the post-Covid-19 environment, creating roughly 115 000 direct and indirect job opportunities throughout its life cycle.
Mooikloof Mega City is located off Garsfontein Drive and an estimated 6km from the junction with De Ville Bois Mareuil Drive, where Woodlands Boulevard Mall is located, and 8km 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.
In terms of the transaction, Balwin said it would acquire two tracts of land with a combined area of 210ha for an aggregate purchase consideration of R332.5million.
The land will be combined into a single property after the transactions, and will consist of a residential component, two educational facilities and a commercial node.
Balwin said it would undertake the residential developments and sell about 20ha for the development of the educational facilities and the commercial node.
The project has also been designated as a strategic integrated project by the Presidential Infrastructure Co-ordinating Commission Council.
This means that the Department of Public Works and Infrastructure will pay for all external bulk services installations such as water, sewerage, electricity, roads and stormwater in respect of the megacity.
“This is an attempt by the government to boost the economy post Covid-19 and to create employment through infrastructure development.”
Steve Brookes, founder, and chief executive of Balwin, said that the Mooikloof Mega City could be defined as housing opportunities for people earning a combined monthly income between R3 501 and R18 000.
“First-time home buyers and qualifying individuals will have assistance through the Finance Linked Individual Subsidy Programme.
“The programme grants first-time home buyers a subsidy towards the purchase of a home of between R27 960 up to a maximum of R121 626.”
Pretoria News