JSE-listed Balwin Properties said today it had opened discussion with investors over a possible joint venture in the Mooikloof mega city project.
The company which listed on the local bourse four years ago said in a statement that the Presidential Infrastructure Coordinating Commission Council has designated the Mooikloof
Mega Residential City as a Strategic Integrated Project (SIP).
“In essence, this means that the Department of Public Works and Infrastructure will pay for all external bulk services installations such as water, sewer, electricity, roads and stormwater in respect of Mooikloof Mega City. In light of the designation of Mooikloof Mega City as a SIP, Balwin has been in negotiations with two individuals, namely, Johan Franck and Paul Hailwood regarding the possibility of ajoint venture to undertake the Mooikloof Mega City project,” the group said.
“These individuals have extensive sectional title development experience and have been in negotiations with the Department of Human Settlements, the Department of Public Works and Infrastructure as well as other governmental departments to have Mooikloof Mega City recognised as a SIP for the past 10 years.”
The company added that it has registered a new company, Mooikloof Mega City Proprietary Limited for the purposes of entering into a corporate joint venture with Seafront Lux, a company owned Franck and Hailwood. Balwin will be a 70% shareholder and Seafront Lux will be a 30% shareholder of the subsidiary.
Balwin earlier this year outlined plans to develop 5,020 apartments in Gauteng’s up and coming Waterfall node over the next eight years.
