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 said that despite receiving record-breaking sales success, this decision was made after consulting with various board members who all agreed that, at this time, the company would no longer focus on its Lifestyle Apartment brand but to rather focus on its tried and tested development models being the Classic, Green and Signature Collections.
“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“.
Updates will be provided once more information is available.
