Sustainable Housing
In 2015 SBC Limited (“SBC”) acquired Pine Acres (Pty) Limited (“Pine Acres”), a property development company with a 42-hectare piece of land in Malkerns, Eswatini. Pine Acres developed this land into Malkerns Square – an iconic, environmentally responsible, and resource efficient lifestyle property development, with c. 1,300 residential housing units, and a retail shopping centre of 6,000 to 8,000 sq.
Malkerns boasts a shopping centre which is approximately 3000 sqm. The total value of the project is estimated to be between E1.2billion and E1.5billion and has around 1,100 units.
Pine Acres holds sectional title legislation in Eswatini on which apartment blocks and a precinct is built. Select Eswatini will provides end-user finance. Following the results from Select’s key focus groups held in Eswatini in January 2017, construction on the pilot project of 54 apartments commenced in Q2 2018.
This provides Select with key learnings for the next phase of development. Select’s existing customers have expressed their desire to take up housing units in both the pilot and the development.
The Sectional Titles Act was signed into law and the regulation to support this legislation, formulated. Pine Acres has developed 54 initial units which will be primarily for rental. The next phase is to build ownership units against expressed commitment.
