Balwin Properties Cancels Its Billion Rand Apartment Project
Balwin Properties Cancels Its Billion Rand Apartment Project. 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 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.
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 it’s 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.
In 1996, CEO and Founder Steven Volker Brookes embarked on his next BIG business venture and purchased Balwin CC. The first land purchased was transformed into Balwin’s premier development – Ivory Court. Mr Brookes drew much of his inspiration from the brand of his role model, Sir Richard Branson. Thus, the logo of the Virgin brand inspired the Balwin Properties logo. The Balwin Properties logo’s GREEN LEAF symbolises natural growth, sustainability, and the companies focus on a healthy future for South Africa. On 28 September 2015, Balwin Properties was enlisted on the JSE.
The Balwin Properties family continues to grow with over 325 employees. It formed the Balwin Foundation on the 2nd of May 2017 to positively impact students’ lives by providing scholarships, bursaries, awards, and loans. Balwin Properties is the largest sectional title developer in South Africa. Balwin Properties plans to be worth R1,000,000,000 by 2025. The company currently has 97 developments, with a total of 47 529 apartments in South Africa.
