FNB and Balwin Properties have reached an agreement to provide R450 million for the Balwin’s Thaba-Eco Village project in Johannesburg South, which is now under construction.
The money will go towards construction of the first 480 residences as well as the development’s infrastructure.
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The Thaba-Eco Village project will eventually include 3 489 apartments, as well as a restaurant, indoor gym with squash courts, Thaba trails, laundromat, outdoor swimming pool, kids, play area, Padel courts, mini-pitches, a half basketball court, a skate park, and a Little Hill Montessori school, making it a significant node within the greater Johannesburg metropolis.
FNB to fund Balwin’s Thaba-Eco Village project
South Africa’s market responds to increased demand among first-time homebuyers, with loan rates at all-time lows. FNB was particularly interested in the acquisition because of this.
FNB commercial CEO Gordon Little said the move demonstrates the bank’s commitment to making it easier for first-time homebuyers to enter the formal housing market.
According to Gordon, Balwin’s world-class leadership and creative approaches to local skills development and environmentally responsible construction make them appealing partners, and we look forward to furthering projects being completed. He went on to say that Balwin’s track record and high-quality goods lend themselves to the formation of strong, long-term relationships, which he believes has a lot of future potentials.
Meanwhile, Balwin CEO Steve Brookes stated that the company aims to be the most inexpensive worldwide green-certified homebuilder of choice by delivering high-quality lifestyle houses.
“We are very pleased to bring the Balwin brand to Thaba-Eco Village, which we believe will become an iconic development and leading address in Johannesburg South. Our first apartments were developed in Johannesburg South, which provided us with an opportunity to understand the area extremely well,” he said.
The Thaba-Eco Village is well on its way to completion, with the first two stages having already been occupied.
