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 currently under construction.
The money will go towards the construction of the first 480 residences as well as the infrastructure of the development.
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The Thaba-Eco Village project will eventually include 3,489 apartments, as well as a restaurant, an indoor gym with squash courts, Thaba tracks, a laundromat, an outdoor swimming pool, children, a playground, de Padel, mini-courts, half a basketball court, a skate park and a Little Hill Montessori school, making it an important hub in the great metropolis of Johannesburg.
FNB to finance Balwin’s Thaba-Eco Village project
The South African market is responding to increased demand from first-time home buyers, with loan rates at historic lows. This is why the FNB was particularly interested in the acquisition.
FNB Business 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 attractive partners, and we look forward to continuing ongoing projects. He went on to say that Balwin’s track record and its high-quality products lend itself to the formation of strong, long-term relationships, which he believes have a lot of potential for the future.
Meanwhile, Balwin CEO Steve Brookes said the company aims to be the world’s cheapest certified green home builder by delivering high-quality lifestyle homes.
âWe are very excited to bring the Balwin brand to Thaba-Eco Village, which we believe will become an iconic development and premier address in South Johannesburg. Our first apartments were developed in Johannesburg South, which gave us a very good understanding of the region, âhe said.
The Thaba-Eco Village is nearing completion, with the first two floors already occupied.