Balwin bags R1bn for Mooikloof City

JSE-listed sectional-title mega estate developer Balwin Properties has secured a R1 billion funding deal from the International Finance Corporation (IFC), which is part of the World Bank Group.

- Suren Naidoo

The IFC and Balwin announced the deal on Tuesday, saying the facility is being made available "to support the development of over 14,500 affordable apartments for buyers in Tshwane" as part of the company's so-called Mooikloof Smart City project.

They say the funding will "help increase the supply of affordable housing in the country".

"IFC's local currency R1 billion loan for Balwin Properties will facilitate the construction of apartments within the Mooikloof node, a mixed-use lifestyle precinct located east of Pretoria and about 40km from Johannesburg," it says.