Balwin – a specialist, national residential property developer of large-scale, sectional title estates for South Africa’s growing low-to-middle income population – continues to connect its apartments to fibre.
The company’s apartments are designed to appeal to a wide range of home buyers, catering for a first-time, young professional, young family, older family, retirees, as well as buy-to-let investors.
The company’s apartments include modern fitted kitchens, prepaid water and solar-assisted electricity, eco-friendly fittings and appliances, and fibre-enabled.
The developer generates annuity income through subsidiary company Balwin Fibre which provides high-speed fibre connectivity to homeowners within Balwin’s estates.
Today, Balwin announced that Balwin Fibre progressed steadily during the year to end-February 2023, increasing its subscriber base by 27% or 1 763 subscribers to 8 230.
The developer added that 72% of apartments handed over during the year were converted into subscribers.
The developer added that the bond origination business, Balwin Mortgages, performed well, with a total of 1 648 mortgages secured versus 2 824 in 2022.
While the business is currently mainly focused on mortgages from the sale of Balwin apartments, the company is investigating expanding to include external sales in future.
Balwin Mortgages continues to work closely with major financial institutions on its Green Bond concept and maximising savings to Balwin clients through a reduction in interest rates, which further supports affordability.
In the financial year, 1 444 Green mortgages were approved providing an aggregate saving to clients of approximately R98.0 million over a 20-year mortgage period.