FNB Commercial Property Finance has committed R470m to fund Balwin Properties’ new rental housing development, The Klulee, in Linbro Park, Johannesburg.

The project will be built in three phases, with 532 apartments offering one-, two- and three-bedroom units, and monthly rentals ranging from R7,630 to R16,430.Phase one will deliver 210 apartments, followed by 182 units in phase two and 140 in the final phase, completing by October 2029.This funding strengthens FNB and Balwin’s long-standing partnership, reflecting their focus on addressing South Africa’s rental housing demand.The Klulee follows FNB’s R117m support for Balwin’s Eastlake development in Modderfontein, completed in 2025.FNB CEO Preggie Pillay highlighted the bank’s confidence in the residential rental market and Balwin’s ability to deliver large-scale projects.

Balwin CEO Steve Brookes noted the development’s role in expanding rental supply and supporting urban density, while also providing tenants a pathway to ownership through Balwin’s build-to-sell offerings.The project underscores the growing need for affordable housing amid affordability challenges for many South Africans.