Residential property developer Balwin says its second clearwater lagoon is being developed at its Munyaka (Waterfall) estate and is expected to be completed during the 2023 financial year.
Balwin develops large-scale sectional title estates for the low-to-middle income population. Estates typically consist of between 1,000 and 2,000 sectional title residential apartments and are located in the targeted nodes of Johannesburg, Tshwane, the Western Cape and KwaZulu-Natal.
The Blyde (Tshwane) was the first development in South Africa to incorporate an innovative clearwater lagoon built in a beach setting. The developer has an exclusivity agreement with Crystal Lagoons to develop these freshwater lagoons in strategic nodes in future.
A third lagoon is planned for Joburg South As it looks to expand its Thaba Eco Village in Rietvlei.
Munyaka is located in the Midrand suburb of Waterfall, between Johannesburg and Pretoria. It offers lifestyle apartments and a 30,000 sqm lagoon waterfront.
The R9 billion gated development is expected to be completed by 2028, and will comprise 5,178 apartments, ranging from one-, two- and three-bedrooms to luxurious 3- and 5-bedroom lagoon-facing penthouses.
All apartments will be fibre-ready and include a Scandinavian-style kitchen, eco-friendly appliances, a balcony for outdoor entertaining, and pre-paid water and electricity meters, Balwin said.
“Whenever you’re not in your amazing apartment, you can laze on the beach or swim, canoe or paddle-board in the incredible Crystal Lagoon, which is the size of three rugby fields and will be completed by October 2022.
“It will feature a 50-metre arched tower with a 50-seater restaurant and conference facility that looks out over the Johannesburg skyline.”
A 1 bed, 1 bath Exclusive Lifestyle apartment starts from R899,900, while a 5 bed, 5 bath from R30 million.
The developer said in its latest financial results that, to date, 888 apartments have been sold at Munyaka, with 4,032 yet to be sold.
Balwin said it has a secure development pipeline of 51,803 apartments across 28 developments in key target nodes. This represents an approximate 15- to-20-year development horizon.
Overall demand for one- and two-bedroom apartments remained strong and comprised approximately 80% (2021: 77%) of the total apartments recognised in revenue – 10,437, it said.
Over the reporting period, February 2022 -revenue increased by 16% to R3.1 billion, driven by the increase in the number of apartments handed over during the year and an overall increase in selling prices of apartments
Looking ahead, Balwin said that the impact of the recent increases in the SA Reserve Bank’s repo rate from 3.75% to 4.25% and possible additional inflationary pressures which will likely result from recent geopolitical events is being closely monitored and pro-actively managed by the board.
The group said it “remains conscious of the continued pressure on construction costs and the prevailing macro-economic uncertainty, however, management is confident that the potential increase in costs can be offset and exceeded by selling price increases that the market is able to absorb.”