May 28 2024 10:01
Sectional-title estate developer, Balwin Properties, has announced that is has secured the land for a R2bn estate within KwaZulu-Natal’s Westown area in a R133.7m deal with private developers Fundamentum. This is for Balwin’s flagship development in the province.
“Shareholders are hereby advised that Balwin has concluded a sale and development agreement, with Fundamentum Dev Co Proprietary Limited, beneficially owned by Sean Bergsma and Donovan Bergsma, in terms of which Balwin has agreed to purchase the development rights in respect of Lease 14 on the Remainder of Erf 1 Ntshongweni for a total purchase price of R133,700,000.00 on a ‘pay-as-you register’ basis,” the group said in a statement via the JSE’s stock exchange news service.
The 13.41 ha property is situated in Shongweni and forms part of Westown which is being developed by Fundamentum.
Tongaat Hulett owns the land and the group has leased the former sugarcane land to Fundamentum.
Balwin wants to call the new estate Shongweni Park, which is expected to have 1260 apartments. This is the group’s first investment in the west of Durban.
The company’s other developments in the province include Izinga in Durban North and a development in Ballito, on the north coast. The Westown development lies just past Hillcrest
“Westown, which is over 100 hectares in extent, is the first development phase of the Shongweni Urban Development – a proclaimed catalytic project by the eThekwini Municipality,” said Balwin.
Balwin said it “managed to agree to a ‘pay-as-you-register’ model, meaning that a contracted amount per apartment is paid to the seller on the registration of each apartment”.
247@propertyflash.co.za
