Malakite,conveniently situated close to main arterial routes in Greenstone, east of Johannesburg, will be the latest development to form part of Balwin’s portfolio which spans over 70 residential estates since the Company’s inception in 1996.
Stephen Brookes, CEO and founder of Balwin commented: “Malakite is one of several new developments in our secured pipeline that we are steadily rolling out over the next eight years. Our experience, continuous design innovation and business model will allow us to deliver on our promises made to investors when we listed.
“We benefit from economies of scale, in-house management and construction that allows us to deliver a superior product at an attractive price, on time and on budget.”
The R226 million development will span 32 320 square metres and comprise 290 sectional title residential units once completed in June 2017.
Each apartment block will consist of three levels, offering investors a choice of five layout types in one, two and three bedroom options ranging in size from 46.8m2 to 113.7m2. Added benefits include 24 hour security, a clubhouse with swimming pool, fibre optic WIFI, pre-paid gas and smart meters, and eco-friendly appliances in each unit.
The units are competitively priced and representative of Balwin’s quality offering, with prices starting at R 799 900 for a one bedroom unit, R 1 349 900 for a two bedroom unit and R 1 499 900 for a three bedroom unit.
In line with Balwin’s phased build-to-sell business model, the estate will be developed over six phases according to demand.
“Our phased model de-risks the business. All of our developments are carefully matched against pre-sales, providing us with an exceptional cash generating ability and scalability, protecting the business from macro-economic impacts to some extent. We are assessing the economic situation which will guide the rollout of our rental portfolio from 2017.
“Malakite is a good example of the strong market demand for our developments. We have already received significant interest for these units with pre-sales totalling 80 units before the official public launch” proclaimed Brookes.
The company expects to announce its annual results for the twelve month period to 29 February 2016 on or about 23 May 2016.