Home » South African tycoon Stephen Brookes’ property firm secures land for $108 million KZN estate

South African tycoon Stephen Brookes’ property firm secures land for $108 million KZN estate

by Mfonobong Nsehe
Stephen Brookes

Key Points:

  • South African developer Balwin Properties secures land for a R2 billion ($109 million) estate in Durban’s Westown development.
  • The “pay-as-you-register” structure eliminates upfront costs for Balwin, easing development pressure.
  • Balwin plans 1,260 apartments in its first Durban West venture, marking a regional expansion.

Johannesburg-based residential developer Balwin Properties (Balwin), led by South African real estate magnate Stephen Brookes, has acquired land for its planned R2 billion ($109 million) estate within KZN’s Westown mega-development in a R133.7 million ($7 million) deal with private developers Fundamentum.

The deal, confirmed by Balwin in a recently released statement, is structured on a “pay-as-you-register” basis. The transaction secures a favorable arrangement for Balwin, eliminating upfront costs for land and bulk infrastructure rollout.

The statement details the agreement:  “Shareholders are hereby advised that Balwin has concluded a sale and development agreement, with Fundamentum Dev Co Proprietary Limited, beneficially owned by Sean Bergsma and Donovan Bergsma, to purchase the development rights in respect of Lease 14 on the Remainder of Erf 1 Ntshongweni for a total purchase price of R133.7 million ($7.27 million)  on a ‘pay-as-you register’ basis.”

Balwin plans 1,260 apartments in Durban’s Shongweni Park

Tongaat Hulett, the original owner and developer of the Shongweni Urban Development, leased the former sugarcane land to Fundamentum following financial struggles. This structure mirrors the land lease deal between Attacq Waterfall Investment Company and the Mia family for the massive Waterfall City development in Gauteng. Balwin has three existing estates, including The Polofields, Kikuyu, and Munyaka.

Balwin has named the new estate Shongweni Park, which is expected to offer 1,260 apartments. This marks the company’s first venture into Durban’s western region. Currently, Balwin’s KZN presence is limited to a niche estate in Izinga (Umhlanga area) and a development in Ballito on the North Coast.

South African developer Balwin sees revenue decline

A large-scale developer catering to South Africa’s low-to-middle-income population, Balwin offers high-quality, environmentally friendly, and affordable apartments, complemented by an innovative lifestyle program for residents. Stephen Brookes, a South African real estate magnate, remains the company’s largest shareholder, holding a 36.08 percent stake.

However, Balwin’s recent financial report for the year ended February 29, 2024, revealed a 29.17 percent year-over-year revenue decline, from R3.33 billion ($183 million) to R2.36 billion ($130 million). Operating profit also plunged 44.19 percent, from R592.75 million ($33 million) to R330.81 million ($18 million).

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.