Listed property developer Balwin says it continued to experience strong demand for its lifestyle apartments for the year ended February 2020, despite continued economic headwinds and increasing consumer pressure.
The group recently announced plans for a new R9 billion development in Waterfall, Midrand in Johannesburg. The development – called Munyaka – will feature a massive crystal-clear lagoon, the size of 7 rugby fields.
Balwin said in a voluntary business and trading statement for the year ended 29 February 2020, that sustained demand is reflected in an approximate 11% increase in the number of apartments recognised in revenue during the financial year, when compared to the prior year.
It noted that approximately 2,700 apartments were sold and recognised in revenue in the reporting period, up from 2,437 apartments before, with strong sales in the early part of March 2020 primarily due to the launch of Munyaka which has recorded in excess of 550 apartment sales in the month to date, totalling R850 million.
Demand for one- and two-bedroom apartments remained strong and comprised approximately 74% of the total apartments sold, Balwin said.
When finished, Munyaka in Waterfall, will comprise 5,020 1, 2 and 3 bedroom apartments surrounding the lagoon, the largest of its kind in the southern hemisphere.
Prices range from R799,900 for the 1-bedroom, 1 bathroom apartments, to R1,899,900 for the 3-bedroom, 2-bathroom apartments. The 2-bedroom, 2 bathroom apartments start at R1,299,900.
“Munyaka, which translates to “Crystal” in Venda, is set to be the crown jewel in our development portfolio,” said Steve Brookes, founder and CEO of Balwin Properties. “We have worked very closely with our architects to bring something exceptional to South African sectional title buyers and believe that it will not only set a new standard for lifestyle estate living in Waterfall, but indeed in the country.”
Construction of the lagoon, boundary wall, gatehouse, Lifestyle Centre and show apartment block has already commenced with the balance of apartments being rolled out over the next eight years, Balwin said.
The bulk of the apartments will consist of Balwin’s core model of one, two and three-bedroom apartments. The Lifestyle Centre offers free gym facilities, squash courts, on-site concierge, restaurants, meeting rooms, a heated swimming pool, laundromats, cinema, wellness spa and children’s play area.
Munyaka’s development follows the success of The Blyde in Pretoria East, the site of the first Crystal Lagoon amenity in sub-Sahara Africa.