Development is progressing on residential units which will form part of a massive new smart city being built in Gauteng.
Balwin Properties says it is making headway in its residential development at the Mooikloof Smart City in Gauteng.
obtain council approval for the registration of the initial phases of apartments at Greenkloof, the first development within Mooikloof Smart CityFour phases, comprising approximately 160 apartments, are planned for handover in the second half of the financial year at this particular developmentThe development had a total project value of more than R84 billion and was one of the 62 Strategic Integrated Projects gazetted in 2020.
Looking through the results, the group said that it has 2,500 apartments being actively constructed at Greenkloof – with 124 apartments sold thus far. It also has an additional 10,234 apartments for Mooikloof Smart City, but these are currently inactive. “As a result of ongoing macro-economic headwinds and reduced consumer demand, Balwin recognised 834 apartments in revenue for the period, a 39% reduction from the 1 360 apartments recognised in revenue for the prior comparative six-month period,” the group said.
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