Income earners in SA who don’t qualify for government-subsidised housing and aren’t eligible for bank bonds can now own a share of a new mega-city development in Tshwane, Gauteng.
Balwin Properties CEO Steve Brookes says that people earning a combined monthly income of between R3 501 and R18 000 can buy flats in the Mooikloof Mega City via the finance-linked individual subsidy programme, a tool that assists qualifying households secure bank finance.
The eventual total project value of the development, which will also include schools and a commercial component, will be R84 billion, according to the government.
Prices for the initial 16 000 flats released under phase one range from R499 000 to R799 000. The development is targeting EDGE certification.
Balwin Properties, a sectional-title development company, is leading the construction of the Mooikloof Mega City in Pretoria East, which is expected to create 115 000 jobs throughout its development lifetime.
The public-private development was named as a strategic integrated project by the Presidential Infrastructure Co-ordinating Commission Council this year and is one of the country’s 62 strategic integrated projects, which had attracted more than R340 billion in private-sector investment by July. The government has allocated R1.4 billion to Mooikloof to install water and sanitation, electricity, roads and stormwater services.