A look at Midrand's massive new R9bn beachfront apartment development

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Artist impression showing Balwin Properties' R9bn Munyaka Crystal Lagoon development with 5,020 apartments in Waterfall, Midrand. Artist impression showing Balwin Properties' R9bn Munyaka Crystal Lagoon development with 5,020 apartments in Waterfall, Midrand.

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JSE listed Balwin Properties, will be developing the R9 billion Munyaka project with 5,020 apartments in Waterfall, Midrand which it says will have the largest crystal-clear lagoon in the southern hemisphere.

SA’s largest sectional title developer Balwin, which listed four years ago, is aggressively rolling out residential estates in high-growth, high-density nodes. Munyaka, a R9 billion development in Waterfall, Midrand is its latest project.

Chief executive Steve Brookes said that the development, called Munyaka – or crystal in Venda – would be the crown jewel in the group’s portfolio.

Developers are turning increasingly to residential property, the thinking being that SA has enough large shopping centres. Offices have also lost popularity, given stubborn vacancy levels due to a barely growing economy.

Construction of the spectacular 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 is further investing significantly in road infrastructure around Munyaka, having already completed Mia drive at a cost in excess of R100 million.

“This will include a six-star green-rated lifestyle centre offering free gym facilities, squash courts, on-site concierge, restaurants, meeting rooms, a heated swimming pool, laundromats, cinema, wellness spa and children’s play area,” Brookes said.

The ambitious development will also include two beachfront penthouses which Balwin says it could sell for R30m each.

A further four beachfront units will be developed at Munyaka, selling at R10m each, and the balance of the development will consist of apartments with one, two- and three-bedroom units starting from R799,000.

Munyaka’s development follows the success of The Blyde in Pretoria East, the site of the first Crystal Lagoon amenity in sub-Sahara Africa.

“We have worked very closely with our architects to bring something exceptional to SA sectional title buyers and believe it will not only set a new standard for lifestyle estate living in Waterfall, but indeed in the country,” said Brookes.

Balwin recently concluded an exclusivity agreement with Crystal Lagoons, a Chilean company which designs man-made waterfront features, for SA.

Brookes said Balwin would develop freshwater lagoons in Johannesburg, Pretoria, along the KwaZulu-Natal coast,  the Western Cape and Mbombela.

The “lagoon” will feature a 50m high tower with a restaurant and conference facility.

“Nonmotorised watersport activities will be available through the lifestyle centre,” he said.

READ MORE ON:

Property Developments in South Africa  |  Midrand Property Market  |  Residential Property Market  |  Property Developments in Johannesburg  |  Balwin Properties Limited  |  Steve Brookes  |  Munyaka Crystal Lagoon Development  |  The Blyde Pretoria

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