Veldwijk, 33, is a former Mamelodi Sundowns transfer target, but the Premier Soccer League side did not manage to get his services last year at their time of need.
The striker was offered a short-term deal by the Tshwane giants when he was a free agent.
Masandawana had been attracted by the striker because of his exploits with FC Suwon in the South Korean K-League.
At that point, Downs were eager to add a prolific striker to their ranks, but their mission to sign Veldwijk failed.