SA’s largest sectional title developer Balwin Properties, which includes billionaire Jonathan Beare as a key shareholder, plans to build five new, man-made lagoon developments across the country saying the concept has proved popular with prospective buyers and had been driving sales at an existing residential project in Pretoria East.
Balwin said on Tuesday that it had signed an exclusivity agreement with Chilean company Crystal Lagoons to develop private-access, freshwater lagoons in five strategic nodes in Johannesburg and Pretoria in Gauteng; in KwaZulu-Natal; the Western Cape; and in Mbombela (formerly Nelspruit) Mpumalanga, at a cost of between R100m and R200m a lagoon.
Balwin opened its first waterfront feature just more than a year ago at The Blyde, between Mamelodi and Silver Lakes, where it plans to develop 3,500 housing units in a project worth R4bn, and where it has already developed 800 units.
Crystal Lagoons has created the technology that develops these features, which include a large body of water with a shore and beach sand. The lagoons can be developed concurrently and will form part of the development costs of Balwin’s housing projects.
Balwin CEO Steve Brookes said the lagoons showcase a technology patented in 190 countries. The crystalline lagoon at the Blyde covers 1.5ha, or approximately two rugby fields, and uses water-saving technology to minimise consumption. Visitors can use it for swimming, kayaking, paddle-boarding and sailing.
Property developers, especially those involved in housing, are trying to entice renters and buyers with experiences and services. Housing has become a popular investment for real estate companies because the country has too many malls, and offices vacancies remain stubbornly high.
Brookes said the lagoons attract visitors because they offer an outdoor experience for residents and enhance the prices of units during second and third sales.
Strong support from prospective homeowners has seen sales outstripping the national average of about 30 units per month.
“We have sold as many as 40 units a month at the Blyde. We developed the first Crystal Lagoons amenity in Sub-Saharan Africa at The Blyde and the support from the public for this concept has been simply overwhelming,” said Brookes.
The five new lagoons will vary in size but the technology used will be similar to that of The Blyde. The one in the Cape will use seawater, however. Brookes said Crystal Lagoons can use any type of water; salt, fresh or brackish.
Balwin listed in October 2015, with the support of Beare and his company, Buffet Investments, which took a large shareholding in the group.
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