Table of Contents
Key Points
- Balwin Properties lands R1 billion from IFC to accelerate Mooikloof Smart City project, addressing South Africa’s housing crisis.
- Mooikloof development aims to build 14,500 EDGE-certified affordable apartments with energy-efficient features to lower utility costs for homeowners.
- Balwin faces weaker financial results, but remains committed to creating jobs and sustainable communities through continued investment in housing.
Balwin Properties, a Johannesburg-based residential developer led by South African real estate magnate Stephen Brookes, has secured a R1 billion ($52.5 million) loan from the International Finance Corporation (IFC) to accelerate the rollout of its Mooikloof Smart City housing development in Tshwane.
The financing deal, announced Tuesday by the IFC, a member of the World Bank Group, will fund the construction of over 14,500 affordable apartments designed to meet international green building standards. The investment aims to tackle South Africa’s persistent housing shortfall while creating jobs and stimulating economic growth.
“This strategic investment supports South Africa’s National Development Plan by expanding access to affordable, quality housing for low- to middle-income households,” said Cláudia Conceição, IFC’s Regional Director for Southern Africa.
Located just east of Pretoria and about 40 km from Johannesburg, the Mooikloof Smart City is one of South Africa’s flagship Strategic Integrated Projects (SIPs) and was officially launched by President Cyril Ramaphosa alongside Brookes in 2020.
Boosting sustainable urban development
The development will feature energy-efficient appliances, water-saving fixtures, and temperature-regulating insulation—each apartment certified under the IFC’s EDGE (Excellence in Design for Greater Efficiencies) standard.
“We are proud to be the world’s largest developer of EDGE Advanced certified apartments,” Brookes said. “This support from IFC strengthens our commitment to green building practices and reinforces our role in delivering sustainable affordable housing in South Africa.”
EDGE-certified homes use at least 40 percent less energy, 20 percent less water, and 20 percent less embodied energy in materials compared to conventional buildings. According to Brookes, homeowners benefit from lower monthly utility bills and may also access green bond discounts from major banks.
A strategic win despite financial pressures
The IFC facility arrives as Balwin pushes forward with long-term rental housing plans, targeting the construction of up to 7,300 rental apartments over the next decade. Despite this momentum, the group reported weaker annual results. Revenue fell 29 percent to R2.4 billion ($123.9 million) in the latest fiscal year. Net profit dropped 50 percent to R217.4 million ($11.4 million) from R437.4 million ($22.9 million).
Still, Balwin’s leadership remains bullish. “Urbanisation is surging, and the private sector must step up,” Brookes said. “This investment enables us to do just that—creating jobs, supporting local supply chains, and building resilient communities.”
Balwin's legacy and market footprint
Balwin Properties, founded in 1996, has grown into one of the top real estate developers listed on the Johannesburg Stock Exchange. The company has built its name on large, master-planned lifestyle estates designed to meet the needs of South Africa’s low- and middle-income families.
At the heart of that growth is Steve Brookes, who has spent nearly three decades guiding the company from a small startup to a major force in residential property development. With a 33.07 percent controlling stake valued at nearly $16 million, Brookes ranks among South Africa’s wealthiest individuals.
