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FNB commits R470 million to Balwin rental housing project in Johannesburg
Cape Times
|July 08, 2026
FNB Commercial Property Finance has committed R470 million to fund Balwin Properties’ latest rental housing development in Johannesburg, underscoring growing confidence in South Africa's residential rental market as affordability pressures continue to reshape housing demand.
The development, known as The Klulee, will be built in Linbro Park over three phases and is expected to deliver 532 apartments by October 2029.
Phase one will comprise 210 apartments, followed by 182 units in phase two and 140 units in phase three. The development will offer one, two and three bedroom apartments with monthly rentals ranging from R7 630 to R16 430.
The latest funding builds on the long standing relationship between FNB and Balwin Properties and follows the bank’s R117 million funding of Balwin’s Eastlake rental development in Modderfontein, which was completed in 2025.
Eastlake marked Balwin’s first development designed exclusively for rental, forming part of the developer's strategy to accelerate the use of its landbank while creating recurring rental income alongside its traditional build to sell business.
Preggie Pillay, chief executive of FNB Commercial Property Finance, said the investment reflects the bank’s confidence in both Balwin’s track record and the long term prospects of South Africa's rental housing sector.
This story is from the July 08, 2026 edition of Cape Times.
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