Balwin Properties has cancelled their twenty-storey residential development, Wedgewood Sandton.
In November 2020, Balwin announced its plans to introduce the lifestyle apartment option for under R1 million, assisting first-time property owners to gain access to the property ladder through studio, one and two-bedroom lifestyle apartments starting from R799 000.
In a media statement, the company that Balwin’s Transaction Committee earlier recommended to the Board of Directors that it will not be in shareholders’ or home buyers’ interest for Balwin to commence with the construction of Wedgewood Sandton, based on the conditions precedent not being met. The board subsequently endorsed the recommendation.
“Considering the risk associated with a single-phase development, it is prudent and in shareholders’ and home buyers’ best interest for the company to focus on its Green, Classic and Signature Collections currently under development across 18 sites nationwide,” said Balwin CEO Steve Brookes.
“All purchasers and investors have been contacted and will be reimbursed in the upcoming weeks as a matter of priority. Balwin Properties assures the public and partners that they are taking this matter very seriously."
The development would have had various amenities, including an outdoor cinema and a rooftop five-a-side soccer field.