Balwin Properties has launched its R10 billion Munyaka Development in Waterfall Smart City, a development featuring a sea-like clear lagoon, and one of potentially six such developments in the country, Balwin CEO Steve Brookes said yesterday.
He expected that than 4 200 job opportunities would be created across the lifespan of the development, which is expected to be completed in 2033.
Munyaka (which means crystal in Venda) will, once complete have 5 020 apartments, but 1 000 have already been completed and are occupied. The lagoon was launched on Wednesday, Brookes said in a phone interview yesterday.
“I firmly believe in South Africa’s future and this R10 billion investment is a huge vote of confidence in our resilience as a nation. We have worked closely with our architects to bring something exceptional to sectional title buyers and believe it will set a new standard for lifestyle estate living in Waterfall and in the country,” he said.
The development includes the biggest crystal-clear lagoon in the southern hemisphere at a size of about 30 000 square metres. It was developed with Chile-based Crystal Lagoon, which holds the patent to these kinds of lagoon developments.
The development offers a Hollywood-type lifestyle, and also features two penthouses on sale for R70 million and R75m, and a villa on sale for R50m, said Brookes.
Some of the facilities include a gym, on-site concierge, restaurants, meeting rooms, a swimming pool, laundromats, cinema, wellness spa and non-motorised water activities such as canoeing and paddle boarding.
Brookes said some 5 020 architecturally designed apartments were expected to be completed by 2028, with the bulk of the development consisting of Balwin’s Classic Collection of high-quality apartments comprising one, two and three-bedroom apartments starting from R989 900.
Road infrastructure around the development was also upgraded at over R100m, and further upgrades are planned. Future nodal expansion includes: the development of a proposed Waterfall Gautrain station within walking distance from Munyaka, establishment of a world-class sporting facility, Little Hill Montessori pre-primary schools, a convenience retail centre of about 20 000 square metres and a Radisson Red Hotel.
Willie Vos, the CEO of the Waterfall Management Company, said the fact that Balwin Properties chose Waterfall City for Munyaka was testament to the world-class reputation and of the award-winning smart city.
BUSINESS REPORT